After buying the 117,000 sq ft building from Columbia Threadneedle in May this year, Prosperity Developments and Gape Equity have secured permission for a 59-apartment conversion.
The vacant offices on the second and third floors of the block next to Pyramids Shopping Centre will be converted into 59 one and tow-bed homes, with work due to begin early next year and complete by the end of 2021.
ALB Investments, of which Gape Equity is a part, will carry out the works. The building was purchased for £1.5m earlier this year.
There are six retail units on the ground floor, three of which are let to Barclays, New Look, and TK Maxx. Gape and Prosperity will retain these with tenants sought for the three vacant units.
Joe Billingham, founder and chief executive of Prosperity Developments, said: “The area is set for £1 billion worth of investment, which promises to attract employers and create new jobs. This development will provide much needed homes for local owner-occupiers, as well as offering an opportunity for buy-to-let investors keen to be part of Birkenhead’s transformation.
“As a business we have carefully developed a reputation for bringing profitable pre-built and off-plan property investments to market for more than ten years, with an emphasis on key locations where yield and rental demand is high. We’re looking forward to starting work on this high-spec project early next year.”