Flax Mill Maltings in Shrewsbury has received a £12.8m grant from the Heritage Lottery Fund (HLF) to restore the building and create a new event venue.
The investment will transform the site, which houses seven separate buildings, into commercial and community space. It will feature conference facilities, three floors of extensive office space and an area dedicated to the Flax Mill's heritage.
Sarah Bird, business tourism manager for Meet Telford & Shropshire, the county's convention bureau, said: "This exceptional project will help to transform the Flax Mill Maltings into an utterly unique conference and meeting venue, offering a wonderful setting for events and exhibitions of all shapes and sizes, in addition to some truly extraordinary office space."
Following the HLF grant awarded in the summer, work will start on the site next spring, with the first phase of the project set to be complete by spring 2016.
Conference facilities will be housed in the Kiln accommodating up to 80 delegates, and in the future the Dye House will provide larger spaces for bigger groups of up to 100 for drinks receptions, weddings and community events.
The Mill itself was operational from 1797 until its eventual closure in 1987. The refurbished space will house an exhibition for visitors to learn about the building's place in social and international history.
According to Nicky Wrighte, commercial director for KDM Events, which works with clients in the area, the site regeneration will boost Shropshire's events portfolio.
"The historic, unusual nature of the venue would offer something of value to local clients," said Wrighte. "Many of the venues available at the moment, such as Hawkstone Hall, are along the lines of traditional country houses, so this will be different and unique.
"There are not many Shrewsbury-based venues of note, so to have another good historic, quality venue would be an excellent addition, particularly if it has capacity for larger events."
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