The former Barclays Bank on Wood Street will be transformed into a restaurant.
Jennifer Thompson, 29, and Matthew Burton, 35, are restoring its original features including plaster work, windows and the old safe, as they turn it into an eatery, with offices and flats above.
Miss Thompson said: “We love the building. The features inside are amazing and a lot of them we are able to restore.
“Wood Street is probably the nicest street in Wakefield and once we have restored Barclays, we are hoping that it will bring a bit of buzz back to the street and lead the way a little bit for other businesses to open here.”
The pair said Qubana restaurant would move to the building, believed to date back to the 1800s, from Northgate.