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A community group are planning to apply for grants to refurbish the hall they saved from being sold off by Swale council.
The former Borough Hall, in Main Road, Queenborough, was handed over to the Sheppey Hall Trust in June 2012.
Swale council, which owned the building, had planned to sell it at auction until it accepted a bid from the trust.
A 25-year lease was approved and the site was rechristened the Sheppey Hall.
Trust chairman Peter MacDonald said after some “hard negotiations” with the utility companies they have driven down the running costs and, as a charity, they now avoid paying business rates.
He said: “Localism really does work and I would like to say we have had excellent support from the council and we are now moving forward with applications for funding for major renovations.”
Although the hall is compliant with safety and disabled access regulations, he said it is looking a “bit tired” and needs new windows and roof repairs.
There may also be a possibility of providing new first-floor meeting rooms.
Mr MacDonald estimated up to £120,000 may be needed, which could be broken down into three or four separate grants.
He said there are about six groups that use the hall regularly on a weekly basis, which he said is sustainable. They include an indoor bowls club and a line dancing club, which benefits from the spring floors.
Mr MacDonald said trustees will also “make our best efforts” to provide facilities to any groups that need a new home when the Gateway, in Rushenden Road, is demolished in August.
He added: “We are working well with Castle Connections with bookings and using some of their equipment, and the other day they borrowed some specialised tables from us.”
At the moment there is a hardcore of six volunteers who help with the day-to-day running of the hall.
The group is now working closely with Queenborough Bowls Club – which took over control of its grounds in Borough Road from the council last year – and it now counts greenkeeper John Crouch as a trustee.
Bookings for The Sheppey Hall are being made through the bowls club and can be made by calling 01795 666511.