The historic B-listed lodberry on Commercial Street was built around 1817.
The lodberry, which has its own pier, was bought by Ocean Kinetics from Shetland Islands Council in November last year.
For a number of decades it had been used by the Lerwick sea scouts, but its condition was poor.
Managing director John Henderson said: âOver the next six months we will make repairs and alterations to restore this 200-year-old building and preserve it for centuries to come.
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âCopeland Lodberry is one of the few Lodberries left on Lerwickâs historic seafront.
âWorking closely with Architect Colin Sim from Malcolmson Architects in Scalloway and Karl Tait from Arch Henderson we shall bring life back into this unique property, with its unique location next to the sea in Lerwick harbour, the building will be used for training staff especially in marine works which is what it has been used for the last 40 plus years.â