Following the completion of the Blue Coat School's controversial 'copper and cedarwood' extension to the north of the existing buildings, work is now progressing on the conversion of the South Wing and part of the West Wing to private residential apartments, and the refurbishment of the Chapel, Board Room and Clock Tower on the Church Road frontage. The flats are being developed and marketed by Miller Homes, who purchased the buildings from the Liverpool Blue Coat School Foundation, and the refurbishment is being financed by the Foundation using part of the proceeds.

The plans have been carefully drawn up so as to preserve the building's Edwardian character, in keeping with its Grade II* Listed status. When the refurbishment work is completed - in Spring 2006 - the Chapel and an adjoining functions room will be available for hire for weddings and receptions, and an Artefact Centre will be created to house the School's archives (dating back to 1708), to serve as a visitor centre for former pupils and their descendants, and as an educational resource for current pupils.