Ryde Town Council has been awarded nearly £15,000 to go towards the regeneration of Vectis Hall.
And the town's mayor is already planning a royal visit from His Royal Highness (HRH) Prince William.
The hall, on Melville Street, was once the setting for film That'll Be The Day featuring Ringo Starr, but has since fallen into a state of disrepair.
A decision was taken by Ryde Town Council to purchase the site last year, as Isle of Wight Radio previously reported.
Now, the Architectural Heritage Fund (AHF) has awarded a grant of up to £14,950 to allow the town council to produce a project report consisting of a feasibility study, building survey, concept designs and a business case to demonstrate the full potential of the building.
Mayor of Ryde, Michael Lilley said:
"I am delighted that Ryde Town Council has been awarded funding to carry out a detailed feasibility study with the community on the best future for Vectis Hall. Vectis Hall was given to the people of Ryde by Lady Spencer, who is a direct ascendent of Prince William and Harry, for the first free school.
"It was a much-loved dance hall for many years and was featured in the 1970's film 'That'll Be the Day'. It had been left to rot under private ownership until Ryde Town Council made the brave decision to step in and buy it back for the community. This grant will enable us to go to the next stage and have a viable plan to seek major funding so it can be re-built with a sustainable community use for the benefit of all residents, which I hope Prince William comes to open when finished."
Councillor Richard May, Chair of the Facilities and Assets Committee said:
“We are delighted with the grant. It will allow us to start the process of putting Vectis Hall at the very heart of the community. It is the first step of many as the building is currently in a sad state but we are absolutely determined to work alongside the community to help shape the future of this historic property.”
Allan Bridges, Business Development Manager at Ryde Town Council said:
"This is the second successful bid that Ryde Town Council have made to the Architectural Heritage Fund following similar grant funding for St Thomas Church. The fact that they have agreed to fund two projects really shows that Ryde is moving in a very positive direction.”
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