Savills has sold Liverpool’s Martins Bank Building to Kinrise on behalf of a subsidiary of Starwood Capital.
Originally proposed for hotel use, the 210,000 sq ft landmark is being revived as an office building rather than a hotel after being on the market at a guide price believed to be £16m.
Kinrise said it would immediately begin a multi-million-pound renovation of the space that would retain its character while bringing in technological upgrades. The company plans to turn the space into grade A offices for both small and large companies.
The ground floor, however, will be public. Kinrise said it wants the space to function as a venue for community events and exhibitions. Other plans include having a café and restaurant on the ground floor and an additional flexible workspace.
This marks the first entry into the Liverpool market for London-based Kinrise, which has five locations in Manchester: Canada House, Northern Assurance Building, Victoria Buildings, 2 Mount Street and 1 Central Street.
The grade-two-listed Martins Bank Building resides on 4 Water Street. Herbert Rowse designed the building, which has been part of the Liverpool cityscape since 1932. The building was slated to become a hotel in 2016 and again in 2019, but nothing ever came out of those plans.
