The investment of £6m will see Living Ventures convert the building's ground floor into a bar under its Australasia brand and the first floor into a restaurant and training academy.
The restaurant and training academy, called Cunard House, will be overseen by chef Aiden Byrne, who works in partnership with Living Ventures at its Manchester House restaurant in Manchester.
Subject to planning approval, Australasia could open in April 2016 and Cunard House in September 2016. All three projects are expected to create 150 jobs.
Living Ventures chief executive Tim Bacon said: “We are delighted to introduce Australasia and Cunard House to Liverpool, it has always been a city very close to my heart and I am sure people will love these two new dining experiences – each will bring something totally new and dynamic to the Liverpool dining scene.
“Aiden is also very excited to be returning to his home town, Cunard House will be a showcase for the amazing food Aiden produces and the training academy will give him the opportunity to pass on his knowledge and experience to aspiring young chefs who could not ask for a better mentor.”
Liverpool's Mayor, Joe Anderson said the project would 'breathe new life' into the building, built to be the headquarters and main passenger terminal for the Cunard Steamship Company.
“It will provide a world class dining experience for residents, tourists and office workers in this part of the city and be a catalyst for further investment in the Pier Head area.
“We know there is a huge demand for dining at the Cunard Building, demonstrated most recently through the success of the Aquitania pop up restaurant during the Three Queens visit.
“It is also a great economic deal for the city, creating a significant number of jobs and economic spend, and will generate business rates and rental income for the city council which we can reinvest in essential services.”