A major new multi-million pound regeneration scheme has been launched in Aberdeen, Scotland, in a bid to restore the city's historic Green and surrounding areas over the next five years.

The Green Townscape Heritage Initiative (THI) has secured £1.4m funding from the Heritage Lottery Fund, £525,000 from Aberdeen City Council (ACC) and £525,000 from Scottish Enterprise, as well as a £350,000 contribution from Historic Scotland. Funding will be made available through the THI for property owners to carry out much-needed building repairs and to help preserve historic architectural features that have suffered as a result of economic and structural decline in recent years.

Four priority projects have already been earmarked to receive funding, including conservation work at The Tivoli; the Victoria Buildings in Bridge Street; the former Palace Theatre in Bridge Place; and properties on Shiprow. It is hoped that the work will enable The Green to play a central role in the future development of the city centre, linking Union Street with the bus and railway stations, as well as new commercial projects to the south of central Aberdeen.

ACC leader John Stewart said: "The Green THI provides a welcome opportunity to secure investment in key buildings in the area, as well as provide support for homeowners and businesses to improve their properties. "This will be further enhanced by the streetscape improvements to the area, which are being funded by the city council and are vital to securing linkages between Union Street and the new Guild Street development. We have £2.8m set aside for this valuable project, which will doubtless make the Green a much more attractive place to live and do business."