The Victorian building will be transferred from Northern Ireland Courts and Tribunal Service (NICTS) to Open House Festival (OHF) under the Northern Ireland Executive’s Community Asset Transfer (CAT) policy.

The CAT process will see the building firstly leased to OHF, before transferring the building to their full ownership subject to proof of sustainability of their business model over the lease period.

The move is a first step in allowing the regeneration of the facility through funding secured by OHF from the Heritage Lottery Fund for the first round of their Court House Heritage Enterprise project, Architectural Heritage Fund, Ulster Garden Villages as well as money raised through crowdfunding and a Barclays Bank charity ball.

The transfer and redevelopment aims to preserve the historic building which has been unused since it was decommissioned in 2013.

Peter Luney, acting chief executive of the NICTS, said: “This iconic building served the community of Bangor as a Magistrate’s Court for over 60 years. I am sure that its transfer and regeneration will bring this piece of history back into use for the benefit of the local community for years to come. I commend Open House Festival for seeking to redevelop the building and wish them every success for their future.”