The Cross Street property has stood unused for ten years but will become transformed into a modern office building.
Early works on the building have already uncovered original features such as stained glass, which will be retained and used as a feature in the completed project.
This is the second project under the Winckley Square Townscape Heritage Initiative (THI), which has seen more than £950,000 invested into the Winckley Square area from the Heritage Lottery Fund and other organisations. Key historic buildings have been improved and public realm upgraded, including on Cannon Street.
Jonathan Shaw, managing director of Anderton Gables, said: “With the assistance of the Heritage Lottery Fund we will be able to rejuvenate the building and transform it into an ultra-modern workspace that our staff deserve.
"Work has already begun onsite and we are hoping to move into our new head office early next year.”
Councillor Peter Moss, cabinet member for planning and regulation at Preston City Council, added: “We’re delighted that the Heritage Lottery Fund provided the funding to enable this project to progress. And also that a local company is investing and relocating within the Winckley Square Conservation Area."
“It’s fantastic to see another historical Preston building brought back into use. This supports ongoing regeneration projects in the city and will help to sustain our economic growth.”