MIPIM | Karrev eyes 2028 opening for Liverpool’s Martins Bank

Work transforming the grade two star-listed bank into Grade A offices could start as early as this summer, managing director Julien Buronfosse exclusively told Place North West.

Sitting on the terrace of the North of England Suite, Karrev’s Buronfosse was clear that he is ready to commence delivery of Martins Bank at long last. He insisted that a start-on-site would be imminent and that his team’s focus was fully on breathing new life into the historic Liverpool building.

Strip-out and asbestos removal for the Water Street building has been complete for more than a year, he said.

“The building is ready to kick off as a construction site,” he said. Now all that remains into appoint a contractor.

If Buronfosse can meet his 2028 opening goal, it will close a chapter of false dawns for the 210,000 sq ft Martins Bank, which has been empty for more than a decade.

While he may be French and based out of Geneva, Buronfosse has heard loud and clear the passion Liverpudlians have for Martins Bank – and their desire to see it reopen. He said he has purposefully kept hoardings up to show those in the city that something will happen and that change is coming.

When work does begin, the Buronfosse said he wants to throw a “first stone” celebration “to show the community that finally this building will be reborn”.

Julien Buronfosse is the managing director of Karrev. Credit: PNW

The history

Martins Bank had been empty for more than a decade when Karrev took ownership in 2021, working at the time with developer partner Kinrise. The cost of the acquisition was not revealed back then, but the property had been listed with a £16m guide price.

Prior to the Karrev purchase, Martins Bank had been the subject of two failed attempts to transform the space into a hotel.

But the Karrev/Kinrise offices scheme appeared to have traction. Liverpool City Council approved the duo’s plans in 2022 and Lendlease was brought on board as the main contractor. All seemed to be moving well for a 2024 completion.

Then, the project hit snags. Asbestos was found, as well as issues related to the building’s age. Karrev parted ways with Kinrise and Lendlease. Meanwhile, another project – the refurbishment of Sunlight House in Manchester – became the central focus, while Martins Bank sat on the backburner.

The £35m revamp of Sunlight House completed last October, giving time and space for Karrev to refocus its attention on the Liverpool project.

Buronfosse stressed that Karrev’s commitment to Martins Bank has never wavered and that cost is not an issue.

“The issue is not the money, it is the time,” he said, referencing his small team and desire to do the work the right way.

“Do it properly, one time,” is his mantra.

Red Deer and Brock Carmichael were leading on design of the Martins Bank overhaul in 2022. Credit: via Ebury Comms

Karrev, Buronfosse said, is looking to own Martins Bank for decades. This is a long-term investment for the company, and so his team is approaching the project differently than a developer who may be keen to sell it on in a few years.

Accordingly, he said he wants to have everything perfect and thought through before work starts. He does not want to rush the construction. Since he will own the building for 20-plus years, what is an extra six months? It is worth the time spent to make sure each decision is futureproofed rather than having to fix a problem again after five years or so.

“We prefer to make a good decision with all the information,” he said.

When it does open, though, Buronfosse has zero worries that it will fill up.

Martins Bank is “a building without competition”, he said.

A building without competition – that is how Julien Buronfosse views Martins Bank, pictured here in 2022. Credit: Kinrise

A living building

The glory of Martins Bank cannot be found in modern builds, Buronfosse pointed out. The details throughout the building, including the decorated cornices and the marble floors, would cost a fortune nowadays.

It is those details that make Martins Bank the veritable jewel box in Liverpool’s property world.

But Buronfosse does not simply want to restore the building. He wants to bring it back to use. He wants it to have purpose once more.

“We don’t want to create a museum,” Buronfosse explained. “It has to be alive.”

But it also has to make fiscal sense.

“At the end, it has to generate cash flow,” Buronfosse said. “We are not a philanthropic [institution]. We choose a historic building because we want to keep the history and because tomorrow, when Martins Bank opens or Sunlight House if you want, it will be the only building of its size, refurbed top to bottom with brand new amenities with 2026 specification. We don’t have any competition.

“Of course if you prefer a glass box, I can do nothing,” he laughed.

You can view the approved plans for Sunlight House by searching reference numbers 22F/1712 and 22l/1793 on Liverpool City Council’s planning portal.