A PROJECT to renovate run-down Georgian buildings has won an award.

The Grainger Town Project, which was launched in 1997, has transformed more than 100 derelict buildings in Newcastle and has helped to create 273 businesses and about 1,500 jobs.

It has won the European Union Prize for Cultural Heritage, which was presented at the European Heritage Awards ceremony in Munich, Germany, on Friday.

Newcastle City Council and the Grainger Town Partnership won the award for what judges described as "the extraordinary achievement in transforming the historic core of a fine 18th Century city and for gaining the co-operation and support of all interested parties in ensuring its success".

Prize money of £10,000 from the award will be invested in more culture and heritage schemes.