The regeneration project took a giant step forward thanks to the Heritage Lottery Fund grant to help restore the Grade 1 listed property.
Hay Castle Trust will use the money to save and consolidate the castle ruins, provide access to the keep while also restoring the mansion and reopening the ancient gate. Further plans are in place to create a museum-standard gallery, educational space and café, and to provide space within the Castle for community groups.
Nancy Lavin Albert, managing director of Hay Castle, said: “We are grateful to the Heritage Lottery Fund which does crucial work saving irreplaceable buildings across the UK.
“We are extremely grateful to all our supporters for their generous donations to this ambitious project. The trust’s aspiration is to create an inspiring place for people to enjoy their heritage and the arts, learn new skills and participate in cultural and community events.”
In addition to the award of £4.46million grant, the trust has also raised more than £1million with the help of its supporters.
However, £900,000 still needs to be raised by the end of this year in order for work to begin on the site in 2017.