Chancellor Jeremy Hunt unveiled the package as part of today’s Budget.

Alliance Councillor Richard Stewart said it presented the local area with a transformative opportunity.

“This significant investment presents a transformative opportunity to revitalise and enhance the vibrancy of Coleraine for its residents and future generations,” he said.

“The potential regeneration of our community will create new opportunities, improve infrastructure, and foster a sense of pride and belonging among residents. It is a significant move which goes to show the importance of investing in Coleraine’s future.”

Fellow Alliance Councillor Yvonne Boyle added: “This funding will help us realise our vision of a thriving and inclusive Coleraine, while empowering local residents to actively participate in that revitalisation process.

“Coleraine has been underfunded for so long, so it is important we work with all partners to make sue this money has the maximum impact and helps strengthen a community we can all be proud of.”