Sefton Council has granted planning permission for the project, which will transform the historic town centre building into a 15,000 sq ft start-up hub.
The £1.5m hub will be known as Enterprise Arcade when it is complete. The building will provide flexible and affordable workspace for entrepreneurs, freelancers, and independent professionals.
The building will boast a 1,500 sq ft food and beverage outlet on the ground floor, three new shopfronts, and office and co-working space on the upper levels.