The Ice Factory produced ice for the trawler fleet produced up to 1,200 tonnes of ice a day at its peak in the 1950s peak and is recognised to be the earliest known surviving building of its kind in the world and has been derelict form in excess of 30 years. Since its closure, the building's condition has deteriorated and it was listed as one of Europe's most endangered by heritage organisation Europa Nostra in 2018. Developer Tom Shutes promised a "radical regeneration" of the site when he acquired it from Associated British Ports (ABP) in 2021.

Planning permissions were unanimously approved and Former Chancellor of the Exchequer, Lord Norman Lamont, who lived in Grimsby when he was a teenager, was among those in support. Lord Lamont, who was a Cabinet Minister under Margaret Thatcher and John Major, said: "I feel this would be a very valuable addition to an area right for redevelopment and regeneration."

The south building will provide conference, events and leisure floor space at ground-floor level, in the main in the former ice making hall and refrigerated store.

The existing boiler house will house a new bar and food area with food and drinks facilities. The first floor of the building, as well as the former ice-making halls of the northern building, will be used for office space.

Gallaway are involved within project planning, façade retention schemes, enabling works through significant and complex demotions, asbestos removal, Historic England coordination and materials retention, design silly and construction of new roof finishes, specialist steelwork cleaning retention and preservation, significant masonry and concrete remedial works, structural alterations and installation of new internal finishes. Forecast contract value £8 million

‍