The 150-year-old library will close on Friday and be handed over to be rebuilt by Inspire Partnership – a joint venture between Amber Infrastructure and Shepherd Construction.

Work will begin this autumn and will see the full restoration of the Grade II listed parts of the building, which date back to 1860, and the famous Hornby Library and Oak Reading Rooms being fully open to the public for the first time.

The sections behind the façade, which were built in the 1950s and 1970s following World War II bomb damage and now suffer from damp and a leaking roof, will be rebuilt to make the most of the available space including a new purpose-built home for Liverpool Record Office.

The new Central Library is scheduled to reopen at the end of 2012.

Mike Leto, Project Director from Amber Infrastructure, said: “We are delighted to have reached financial close having worked so hard to reach this point.

“We can now concentrate on finalising the construction programme and look forward to work starting in November. The development will deliver a fantastic new library and archive in partnership with the city of Liverpool.”