Maghull Developments' revised plans to refurbish Hope Street's Hahnemann Building into a boutique hotel have been approved by Liverpool City Council.
The Hahnemann Building at 42 Hope Street and its neighbour 58 Hope Street will be converted into a four star 50-bedroom hotel with bar, restaurant and spa.
An earlier application for a 62-bedroom hotel with smaller rooms was withdrawn in 2008 when the building was granted Grade II listed status.
Mike Hanlon, managing director of Maghull Developments, commented: "We considered the comments made in respect of the previous applications very carefully. Local businesses, stakeholders and residents made some very interesting observations and suggestions and we incorporated many of these within the new scheme. We're delighted with this positive outcome.
"Our whole vision for Hope Street was borne out of extensive consultation with the city council's planning and conservation officers, English Heritage and various resident groups and this is the final piece in the jigsaw for our development plans."
Maghull has now secured planning approval for all four buildings it purchased from Liverpool John Moores University in 2007. The Hahnemann Building is currently being used as flexible office accommodation on short-term lets between 18 and 24 months.
Hanlon added: "It's also less than 12 months since we finished our first hotel development at Formby Hall Golf Resort & Spa and this affords us the time to ensure our hotel business model is robust. Given that we're looking to deliver a very high quality boutique hotel – it would be foolish to rush to bring this to the market given current economic uncertainty.
"We're being deliberately prudent and expect the short term office space in the Hahnemann Building to be particularly well received with a high level of demand from small businesses seeking both lease and rental flexibility at one of Liverpool's best addresses."
Work is expected to start on site at 42 and 58 Hope Street in 2011.