The Briggait – a 19th century former fishmarket in the heart of Glasgow’s Merchant City – is set to be transformed into a new resource for visual artists in Scotland following a £1.7m award from the Scottish Arts Council National Lottery Fund.

The project will form part of Glasgow City Council’s Housing the Visual Arts Strategy which, along with the nearby SAC-funded Trongate 103 redevelopment, will house 11 visual arts organisations and create an arts quarter in the city.

The project is being led by The Wasps Trust in partnership with Wasps Artists’ Studios, Glasgow Sculpture Studios and Glasgow City Council.

At 6,800sq m (73,200sq ft), the redeveloped Briggait will be one of the largest single resources for visual artists in the UK, consisting of three large halls of the former fishmarket which have largely lain fallow for the last decade. Once completed, the building will house the Wasps Artists’ Studios and Glasgow Sculpture Studios, which are currently resident in part of the building, as well as a further 250 artists within 71 studios, a sculpture workshop, IT facilities and a specialist library.

The historic 1873 hall – open to the public daily – will also feature a café, an education suite and project spaces showcasing the work of both emerging and established artists.

SAC chair Ben Twist said: “We are delighted to support this ambitious and exciting project. We are committed to supporting artists and arts organisations in fulfilling their creative and business potential. This building will provide quality affordable studio spaces where artists can let their creativity flourish. In addition, the creative design of the building will offer the public the opportunity to engage with the day to day work of professional artists.

“The close proximity of the building to the Trongate 103 development and the new Glasgow City Halls will contribute to an exciting and vibrant arts quarter which is far greater than the sum of its parts.”

David Cook, CEO of Wasps, added: “We are delighted with this award, which brings us even closer to delivering one of the most ambitious capital developments for the visual arts in Scotland. The Briggait will form a link between the Clyde waterfront and the Merchant City.”

The Wasps Trust – a charitable body aiming to acquire and develop property for arts use – is awaiting confirmation of funding from Glasgow City Council, Scottish Enterprise Glasgow, Historic Scotland and the Heritage Lottery Fund. If secured, it is anticipated that the renovation will be complete in 2009.

The SAC has invested more than £60m from the Scottish Executive and National Lottery in developing artistic excellence and creativity throughout Scotland. Details: www.scottisharts.org.uk or www.waspsstudios.org.uk