[4] The land was sold to the Liverpool Corporation in 1900, although the MDHB opted to keep the southern section so that they could build a new central headquarters for the company, having been previously located at various sites around the city, including the Old Customs House.

Due to boundary changes of the land on which the building was to be built, amendments were made to the design, most notably with the central dome, which was only added at the last minute.

[5] Work began in 1904, with the first nine months of construction focusing on laying the building's foundations, which were dug to a depth of 30–40 feet (9.1–12.2 m) below ground level.

[5] During World War II, Liverpool's importance as a major port saw it become a target for the Luftwaffe and during the May Blitz of 1941, a heavy bomb exploded in the basement, on the eastern side of the building.

[14] Initially, the plan had called for the main entrance of the building to be located on the south-west corner, but boundary changes to land on which it was to be built meant that the design was significantly revised to give it the symmetrical look it has today.

[5][13] The main entrance is located in the centre of the river-facing side of the building and is flanked by two three-metre-high stone statues of women representing "Commerce" and "Industry", which were designed by Charles John Allen.

As a result of being built on the site of the former George's Dock, the building required deeper foundations than normal and in total some 35,000 tons of concrete were used.

[5] Due to the building's proximity to the River Mersey, extensive work was carried out during the development of the basement level in order to make sure it was water resistant.

[5] A large portion of the building costs (approximately 25%) were spent on decorations and fittings; the inside of the building is lavishly decorated using expensive materials including mahogany from Spain and oak from Gdańsk ( Danzig ) for the woodwork, bronze for the floor furniture and fittings, and white marble for the floors and walls.

[5] One noted interior feature is the grey granite grand staircase, which is lined with stained glass windows adorned with images of Poseidon, anchors, ships bells and shells and dedications to countries of the British Empire including Singapore, South Africa, Canada and Australia.

[5][18] The grand nature of the inside of the building's interior has meant that it has been used as a film set in several productions, including The Adventures of Sherlock Holmes.

episode "The Blue Carbuncle"[19] Throughout the building, there are numerous references to the sea and the maritime operations of both Liverpool and the British Empire.

[5] Similarly, the lifts are also decorated with maritime references, in the form of gilded emblems representing the globe, seahorses and anchors.

[13] In the central hall, the frieze between the ground and first floor is adorned with the words of psalm 107: "They that go down to the sea in ships that do business in great waters these see the works of the Lord and his wonders in the deep.