An iconic former Scottish seminary will receive £4.2m in funding to transform it into a new arts venue.

The derelict St Peter's Seminary in Cardross, near Helensburgh, will become a heritage spot after getting £3.8m from the Heritage Lottery Fund and a further £400,000 from Creative Scotland.

The funding boost will help transform the former training place for Catholic priests, and the estate surrounding it, into an arts venue and heritage destination.

The seminary is currently the centrepiece of a sell-out public art event, marking the launch of the Festival of Architecture.

It is regarded as one of Europe’s greatest modernist buildings and opened as a training centre for young priests in 1966.

It closed its doors in 1980 and has lay abandoned since with the effects of the elements and vandalism contributing to its now ruinous state.

The new investment will see key elements of the building restored and others consolidated to allow the public safe access to large scale events and performances as well as to smaller community activities.

The triple-height chapel will be partially restored and converted into a 600-capacity venue while the former sacristy and crypt will be a focal point for exhibitions.

The transformation will also include the 104-acre rural estate surrounding the building.

Lucy Casot, head of the Heritage Lottery Fund in Scotland, said: "After 25 years of decline, this ground-breaking project has the potential to save an internationally significant building, exploiting its commanding presence to produce an exceptional arts venue. Its appeal will attract new audiences from near and far.

"Its transformed estate will become a natural haven for the local community to explore, enjoy and be proud of.

"We are delighted that, thanks to players of the National Lottery, we can help mark the launch of Scotland’s Festival of Architecture by funding St Peter’s Seminary. Highly regarded across the world, it is a unique record of its time which is in very real danger of being lost."

Philip Deverell, director of strategy at Creative Scotland, said: "We are thrilled to be supporting the vision of NVA to bring this iconic and well-loved building back to life as an exciting and ambitious creative space for future generations to discover and enjoy."

Brian McLaren, chair of arts organisation NVA, said: "We are delighted that the Heritage Lottery Fund and Creative Scotland have today awarded this very significant investment into the revitalisation of St Peter’s Seminary and Kilmahew Estate.

"After eight years of vision and hard work by NVA, world class design input from the design team and incredible support from private donors, funders and members of the local community, this investment now helps to secure a new future for this extraordinary place.

"The plans for the site will create a truly unique place where audiences and visitors can experience culture, learning and celebration of the site’s remarkable heritage in genuinely new ways. We thank HLF for this invaluable support, and look forward to working with all of our partners to make these plans a reality."