The money required to restore a historic art-deco building on Bute and turn it into a hub for sports, tourism and culture, has almost been raised following a grant of £750,000.

It comes from Highlands and Islands Enterprise (HIE) with the promise of continuing help for those undertaking the £8m transformation of A listed Rothesay Pavilion.

The project, which is being led by Argyll and Bute Council, is planned to ensure that this significant modernist building is converted into a 21st century community venue.

It will create four separate spaces: a main hall capable of seating up to 750 people; a self contained venue with around 250 seats; a flexible exhibition space and a unique glazed top floor with spectacular views for weddings and other events. There will also be a café, shop, office spaces for rent, and a separate building for holiday lets in summer and artist in residence programmes at other times.

The capital redevelopment costs are £7.85m with £3.98m now secured from: the council (£1.9m); HIE (£750,000); the Coastal Communities Fund (£600,000); Regeneration Capital Fund (£625,000); Historic Scotland ( £500,000) and the Barcapel Foundation (£5,000).

Meanwhile the Heritage Lottery Stage has earmarked £2.98m which is awaiting final approval, and a further £100,000 is being sought from Historic Scotland

This will leave a balance of £790,000 to be secured through applications to other funding bodies and local fundraising.

Dr Nick Merriman, who owns a home on Bute and is Director of Manchester Museum, is chairman of the Rothesay Pavilion Charity and welcomed the HIE grant: "We are almost at the stage where all of the funding has been raised for the project, so we hope that soon the council will be able to formally approve the commencement of the building refurbishment."

The Provost of Argyll and Bute, Bute-based Councillor Len Scoullar, said "This is a critical time for the project with a number of funding bids due to be decided, hopefully in our favour, and then we can look forward to developing a business case and the construction work starting. Should the money be in place the building is due to close in the autumn, with the fixtures and fittings being removed and work starting early in 2016.

HIE Area Manager Douglas Cowan, said HIE would continue to work with the charity.