Local charity Interim Spaces has successfully raised £264,000 to breathe new life into a vacant historic building in the heart of Shepton Mallet.

The funds will be used to purchase and renovate 10 Market Place, converting it into a rent-free retail lab and an affordable hire space for music and arts classes.

The building, a Grade II listed property that dates back to the 16th century, has been acquired and renovation works have commenced.

Lime Repair Ltd, a listed building specialist based in Shepton Mallet, is carrying out the restoration work, which includes repairs to the roof and oriel bay window as well as the restoration of some original features. An original stone wall with a shuttered window was uncovered during the initial strip-out.

The project is set to be fully operational by April 2024, offering a unique retail and cultural space to the community. Dan Simon, Director of Interim Spaces, said, "This funding enables us to rejuvenate a historic building while providing a vital platform for innovators to test new ideas. High Streets across the UK are in desperate need of revitalisation, and initiatives that allow businesses to innovate in retail settings serves as a progressive step towards that objective. We are hugely grateful to our funders and the support we have received from Shepton Mallet Town Council."

The funding was partially facilitated by Somerset Community Foundation through the Somerset Social Enterprise Fund (SSEF). Amelia Thompson, Senior Programmes Manager at Somerset Community Foundation, added, "Thanks to funding from Somerset Council and the Access Foundation's Growth Fund, we were delighted to award Interim Spaces £120,000, which consisted of an £80,000 loan and £40,000 grant. We're very excited to see how the project develops, creating new opportunities for local residents and helping the development of Shepton Mallet's town centre."

For those interested in either the retail unit or hire space, more information is available on the project's website at www.10marketplace.uk.