The Isle of Arran Brewery is to turn the former Rosebank Distillery Site in Falkirk into a craft brewery and visitor centre.
This will mean Arran Brewery plc will be producing craft beer at three sites: The Isle of Arran, The Isle of Skye and Rosebank in Falkirk.
The brewery has been raising funds for the last three months in a bid to increase production ten-fold.
The site is now on the endangered buildings list but will be restored and subject planning consent be used for craft brewing.
Gerald Michaluk, managing director of Arran Brew Ltd, said: "This is a fantastic site and the Rosebank Craft Brewery and Visitor Centre will add yet another attraction to the canal corridor. It is hoped that canal boats will link the centre with both The Falkirk Wheel and the new developments further West on the canal making it a trilogy of visitor attractions all liked by the canal."
The Arran brewery with production facilities on Skye and Arran is well known for its brewing excellence with Arran Dark winning the title of the worlds best dark brown beer 2012, while Arran Blonde won the title of Europe’s best all grain wheat beer in 2010 and The Isle of Skye’s Cuillin Beast won Champion Beer of Scotland in 2011.
Councillor Dennis Goldie, convener of Falkirk Council's Economic Strategy and Development Committee welcomed the plans for the Rosebank site, said: "The Council is delighted with the announcement by Arran and Skye Breweries who are seeking to establish this exciting new mainland facility at Rosebank in Falkirk.
"Clearly it is still early days for the venture and much has to be done to enable the regeneration of the site to be achieved. However it is a terrific sign of the potential we see for growth and investment in the Falkirk area. It aligns with Falkirk's strengths in its location, manufacturing and its growing range of visitor attractions."
Steve Dunlop, chief executive, Scottish Canals, added: "Scottish Canals is delighted to announce that Isle of Arran Brewery has purchased the buildings which comprised the former Rosebank Distillery and will create a micro brewery there next year.
"We have been searching for the right partner to help breathe new life into Rosebank for some time. It is both an important part of the heritage of the Forth & Clyde Canal and a handsome B Listed local landmark occupying an important position at the entrance to Falkirk town centre.
"Isle of Arran Brewery, a young and ambitious company with an excellent reputation for traditional beer making, is, for us, an ideal partner. Twenty years after the buildings were vacated, they will give them a vibrant, exciting and sympathetic new use.
"The development of Rosebank Craft Brewery, which will begin once any necessary consents are obtained will, we believe, also be a catalyst for the revitalisation of the wider Rosebank complex including the canal side areas. It also complements the revitalisation of the wider canal corridor between The Falkirk Wheel and the Helix."