Liverpool’s Martins Bank Building sold to Kinrise
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 would not disclose how much, exactly, it paid for the grade-two-listed structure.
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.
“Liverpool is a richly diverse and vibrant city and we have been looking for a site here for a number of years,” said Sam Lawson Johnston, co-founder of Kinrise. “Martins Bank Building meets all the specific requirements we look for in a building; central location, abundance of character, great natural light and volume of space – it is the perfect addition to our growing portfolio.
“The property is our largest site to date and we are looking forward to injecting a new lease of life into the building and sharing it with the local community and businesses.”
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.
A subsidiary of Starwood Capital owned the building prior to Kinrise. Savills was the agent for Starwood Capital on the deal. It is understood Kinrise was unrepresented.