MILLIONS of pounds of lottery funding has been pledged to help save a factory from demolition and transform it into a world-class community arts centre.

The Heritage Lottery Fund (HLF) is investing £4,994,000, while Creative Scotland confirmed today a further £1,728,075 will be ploughed into the project to turn the historic former North British Rubber Factory headquarters in Fountainbridge, Edinburgh, into a hub for printmaking and creative industries.

The 19th century category C Listed Castle Mill Works building in is famous for being the birthplace of the Wellington boot, as well as the modern motor car tyre and the first ever traffic cone.

The HLF grant is inclusive of a first stage award of £500k already invested to help develop the project. Creative Scotland's contribution is in addition to initial funding of £60,000 awarded back in 2012.

The project is being headed up by visual arts charity Edinburgh Printmakers, with design proposals from Glasgow's Page/Park Architects. Redevelopment proposals have recently been submitted for Planning and Listed Building Consent with hopes that work could start as early as autumn 2016.

With the total cost estimated at £10million, the completed centre will boast open-access workshops, galleries, education spaces, a deli/wine bar with terrace, and an art retail area, as well as production spaces for a wide range of creative industries.

Heritage Minister Tracey Crouch said it was "fantastic" news. She added: "These funds will protect a building that is at the very heart of Edinburgh's industrial heritage while also providing an exciting arts centre to support the city's booming cultural scene.

"Drawing in hundreds of visitors from near and far, regeneration projects like this one do so much to support the local economy and give the community a real sense of pride. I look forward to seeing this centre go from strength to strength and become an integral part of Edinburgh's cultural scene."

Historic Environment Scotland announced in August they would also be granting £500k towards the redevelopment, and various community groups have also provided their support for the cause.

Culture Secretary Fiona Hyslop said: “Thanks to funding from the Heritage Lottery Fund and Historic Environment Scotland to preserve the building, and Creative Scotland’s investment in setting up the new arts centre, Castle Mill Works will be an exciting addition to Scotland and Edinburgh’s cultural scene.

In the lead up to the opening, Edinburgh Printmakers will host a temporary artwork showcase at the site.