Local MSP Stewart Stevenson has welcomed the news that £250,000 has been granted to the former Caley Fisheries warehouse in Peterhead by Historic Scotland.
Plans for the B-listed derelict building include its conversion into a mixture of social housing and commercial use.
Mr Stevenson said: “I am delighted at the news that the former Caley Fisheries Building will receive this substantial grant.
“The early 19th century warehouse has been in a derelict state for quite some time and it is god news that this area could be revitalised for a new generation, and contribute yet again to the local community and economy.”
The news was announced by Culture Minister Fiona Hyslop in Aberdeen. She said: “Scotland’s historic environment is so valuable to all parts of the country with its social, cultural and economic benefits impacting on every community.
“This investment demonstrates our continued commitment to supporting our historic buildings so they can be enjoyed now and in the future.”
Scottish Government agency Historic Scotland has pledged £1.9m towards renovating six crumbling landmarks across the country, as part of its Building Repair Grant scheme.