The developer has acquired Claughton House, at the corner of Claughton Street and Barrow Street in the town centre for an undisclosed sum.
Luxor Group intends to convert the upper three floors of the 16,000 sq ft building from office space into 18 residential units, to be known as Luxor House.
The ground floor comprises four retail units, currently home to KP Solicitors and a café, which will remain unaffected by the development.
The deal follows the group’s acquisition of the former Tyrers department store in December 2016, at which time it announced plans to invest £1m in a scheme that would bring 20 residential units to the upper floors of the 15,000 sq ft building. The plans were approved in June.
Paul Nicholson, managing director of the group, said: “We are excited to start this project, make our vision a reality and bring another unloved derelict building back to economic use.
“Claughton House is well located in the town centre with quality businesses located nearby. We believe there is an opportunity to introduce new, high quality housing.
“We are currently undertaking due diligence and viability statements across other sites in the town centre too. There are exciting plans for St Helens being proposed by other local entrepreneurs which is encouraging; the town centre could be a totally different place in a very short period.”
Once developed, the building would take Luxor’s portfolio to 177 rental units across Merseyside.