Led by hospitality and leisure consultant David Waycot, the refurbishment programme is underway with the first phase set for completion by spring 2018.
The first phase will comprise an 80-cover restaurant, featuring a cocktail bar and a lakeside terrace. An 80-cover banquet suite will be licensed for weddings.
The kitchen is billed as being of a “Michelin star pedigree”, and is expected to use local and seasonal ingredients in its international and British cuisine.
The property, a Grade II listed, Victorian-era pumping station, is being refurbished by ‘Design Practice by Uber’.
The new owners say they are committed to completely restoring the property and “delivering it back to its former glories”, providing Nottingham and the Midlands with an “outstanding luxury facility to embrace all social occasions and events”.
Bookings for the revamped venue are already being taken.
Previously the Lakeside had been taken over by businessman Artur Senja and his wife Elizabeth in 2014, who had planned to build a 30-room boutique hotel on the site.