Key Points
- Developer Karrev has filed new design changes for the Grade II*-listed Martins Bank Building in Water Street, Liverpool, following the pause of the office conversion work that started in 2024.
- The new changes aim to shift the stalled office refurbishment project towards resuming.
- Karrev has said that the 210,000 sq ft building will start construction in 2026 and completion by 2028.
- According to Julien Buronfosse, managing director of Karrev, strip-out and asbestos removal work has already been completed.
- Karrev has reportedly invested £11 million in asbestos removal and strip-out.
- The building is more than a decade abandoned.
- Joint-venture partner Kinrise exited the project in 2024, leaving Karrev to run the project independently.
- Liverpool City Council had approved plans for restoration in December 2022.
- The project was among six schemes set to get backing through the £2 billion Liverpool City Region Combined Authority investment fund, as per reports published in May 2026.
- Earlier plans involved offices and dining/social space in the bank hall.
Liverpool (Liverpool standard) October 13, 2026 – Developer Karrev has lodged a series of fresh design amendments for Liverpool’s historic Martins Bank Building, reviving momentum for the long-delayed conversion of the Grade II*-listed Water Street landmark into offices.
As reported by Place North West, the new plans follow the pause of work in 2024 to convert the building into offices. The publication stated that Karrev has “nudged the scheme towards a restart” through the design amendments.
The development concerns the 210,000 sq ft Martins Bank Building, which stands on Water Street near Liverpool Town Hall and has remained unused for more than a decade. The fresh submission does not, based on the available reporting, announce a confirmed contractor or a revised completion date, but it represents the most recent formal movement on a project that has faced repeated delays.
What Has Karrev Submitted?
Place North West reported that Karrev has lodged “a series of design amendments” after the office-conversion work was paused in 2024. The report did not provide a detailed breakdown of every amendment in the material available, but it framed the filing as a step towards restarting the stalled refurbishment.
The move comes after Karrev managing director Julien Buronfosse told Place North West in March 2026 that the building was ready to become a construction site. He said:
“The building is ready to kick off as a construction site. Now all that remains is to appoint a contractor.”
At that time, Buronfosse also said strip-out and asbestos removal had been complete for more than a year. He indicated that work could begin as early as summer 2026, with an opening targeted for 2028.
Why Has the Project Been Delayed?
The Martins Bank project was originally expected to be completed in 2024. As reported by LBN Daily, the scheme stalled after Kinrise, which had been the junior partner in the original joint venture, withdrew in February 2024, leaving Karrev with full control of the project.
LBN Daily reported that the original plan involved community-focused spaces, hospitality outlets and 95,000 sq ft of office space, with floorplates of up to 17,500 sq ft. The publication also reported that Karrev was expected to issue a tender for the works after Kinrise’s departure.
In a later report, LBN Daily said the delay was linked to Karrev being unable to agree a price with appointed contractor Lendlease after asbestos was discovered, making the refurbishment more complex than first anticipated. The company has since spent £11m on asbestos removal and strip-out work, according to LBN Daily.
What Did Karrev Say Earlier in 2026?
In March 2026, Place North West reported that Karrev was targeting a 2028 opening for Martins Bank. Buronfosse said a start on site would be “imminent” and that the team’s focus was “fully on breathing new life into the historic Liverpool building”.
He also addressed the project’s financial position. As reported by LBN Daily, Buronfosse said: “The issue is not the money, it is the time.” That statement followed years of uncertainty over the future of the building and its refurbishment programme.
Karrev had previously sought to reassure stakeholders about its intentions. In August 2025, LBN Daily reported that Karrev’s director of asset management and development, Olivier Scherb, said: “We can assure you that we are fully committed to the building and to creating a vibrant new future for Martins Bank.”
What Was Approved in 2022?
Liverpool City Council approved plans to restore and revitalise the building in December 2022. As reported by the Liverpool Echo, those plans involved majority stakeholder Karrev and London-based investor and developer Kinrise, and aimed to create 140,000 sq ft of offices, dining and social areas within the former banking hall.
The approved scheme followed the building’s acquisition in 2021 by Karrev and Kinrise. LBN Daily reported that the two parties acquired the 210,000 sq ft Grade II-listed building in Water Street in August 2021.
Construction Enquirer reported in December 2022 that Lendlease had won the contract for the restoration, after Kinrise and majority co-owner Karrev gained planning permission the previous month. However, the project subsequently stalled, and Kinrise later exited the partnership.
What Public Funding Is Involved?
In May 2026, Place North West reported that Martins Bank was understood to be among six projects worth more than £200m expected to receive support from Liverpool City Region Combined Authority’s £2bn fund. The report said the fund was understood to include office schemes at One Pall Mall Gardens and Martins Bank.
The Liverpool Echo also reported that funding would facilitate the redevelopment of the Grade II*-listed Martins Bank Building. LBN Daily described the fund as intended to help kick-start two delayed Liverpool city centre office projects: Martins Bank and Pall Mall.
LBN Daily said the two projects would offer the first Grade A office space in Liverpool’s commercial district for 15 years. That context is significant because the fresh planning movement comes at a time when the city has been seeking to bring forward more modern office accommodation.
What Happens Next?
The latest filing indicates that Karrev is continuing to prepare the scheme for delivery, but the available reporting does not confirm that construction has begun. The next material steps would ordinarily include consideration of the amendments through Liverpool City Council’s planning process, appointment of a contractor, and confirmation of a start date.
Liverpool City Council publishes planning applications and decisions through its Licensing and Regulations system, along with a weekly list of applications received. The fresh amendments will therefore be subject to the council’s normal planning procedures.
For now, the reported design amendments provide the clearest recent sign that Karrev is seeking to move Martins Bank beyond its prolonged period of inactivity. The project’s previous target of a 2028 opening remains the most recent publicly reported completion ambition.
Background of the Development
Martins Bank is a prominent historic building on Water Street, adjacent to Liverpool Town Hall. It has been vacant for more than a decade, despite several attempts to bring it back into use.
Karrev and Kinrise acquired the building in August 2021, with Kinrise acting as the junior partner in the original project. Planning permission for the restoration was granted in late 2022, and Lendlease was subsequently appointed as contractor.
The scheme was originally due for completion in 2024, but progress slowed after asbestos was discovered and disagreements reportedly emerged over the contract price with Lendlease. Kinrise withdrew in February 2024, leaving Karrev to take the project forward alone.
Karrev later said it remained committed to the building and had spent £11m on asbestos removal and strip-out works. In March 2026, Buronfosse said the company was aiming to begin work that year and complete the refurbishment in 2028.
Prediction: What It Means for Liverpool’s Office Market
For Liverpool’s commercial property market, the fresh plans could help restore confidence in one of the city centre’s most visible stalled redevelopment sites. If the amendments lead to a contractor appointment and construction start, Martins Bank could contribute to the supply of Grade A office space that LBN Daily says has been absent from the commercial district for 15 years.
For local businesses, the project could eventually provide modern office accommodation in a central location near Liverpool Town Hall. The earlier approved scheme included offices alongside dining and social areas in the former banking hall, suggesting a mixed-use workplace environment rather than a purely conventional office building.
For heritage and city-centre stakeholders, the development would be significant because it concerns a Grade II*-listed building that has stood empty for more than a decade. A successful refurbishment could reduce the risk of further deterioration and bring a major historic landmark back into active use.
For residents and workers in Liverpool, the immediate effect is likely to be limited until construction begins. However, if Karrev’s 2028 opening target is achieved, the project could support footfall around Water Street, create activity in the former banking hall, and form part of a wider effort to revive Liverpool’s commercial district through publicly supported office schemes.
