Beckery Island Regeneration Trust (BIRT), submitted the winning bid, which was selected by the South West of England Regional Development Agency and its partners on the Morlands Enterprise Park, Somerset County Council and Mendip District Council.
The Grade II listed building will be handed over to BIRT by the landowner, the South West RDA, subject to the Trust meeting certain conditions such as demonstrating sources of funding for the refurbishment.
Once these are met, it will be transformed into work space, which will be rented to appropriate local organisations such as start up businesses or charities in the area, and meeting facilities that will be hired out to the community. Money generated will then be invested in local projects.
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Esther Croft, Development Manager at the South West RDA, said: "Our priority was to make sure this building is brought back into productive use and BIRT has come up with an excellent proposal that will benefit the whole community and generate funding for other projects in the area. We are very excited by the prospect of this fantastic historic building becoming an established part of the community once more."
Ian Tucker, chairman of BIRT says: "We are delighted with the news that local people will be part of the regeneration of Morlands, which has been part of so many local families' lives over the past 100 years."
Originally built in 1517, the two-storey stone mill was once part of the Morlands Tannery Factory and was used for cloth-making.
Rebuilt in the 18th Century, the building has since been used as residential and office space, but has been derelict for over 20 years.
It sits at the southern end of Morlands Enterprise Park which will include high quality business space.
(JM)
