Published Thursday, 13 December 2012
Social Development Minister Nelson McCausland has granted £1.3m towards the £4.6m total cost of works on the factory.
It is to be redeveloped to create 2,512 sq metres of commercial floor space, 150m of improved street frontage and potential for up to 150 full-time jobs.
Mr McCausland said it will bring a number of benefits for local people.
"This is great news for the people of the Sandy Row area," said the DUP minister.
"I am pleased that my Department has been able to provide the much needed financial support towards this high profile development.
"The restoration of this former tobacco factory has brought significant environmental, social and economic benefits to people in this part of Belfast."
Local developer Mayville Ltd. will be handling the project at Linfield Road.
"In times of economic uncertainty, private sector investment is very welcome," Mr McCausland continued.
"This is an excellent example of government and the private sector working together to bring about the physical regeneration of the Sandy Row area of Belfast."
© UTV News