The Victorian-era listed building was extensively refurbished between 2008 and 2010. In September 2008, then Minister of Culture Arts and Leisure, Gregory Campbell, announced the awarding of capital funding to allow refurbishment of the University Road site to get underway. The total cost would be £7.2million. The Department of Culture, Arts and Leisure provided £4.5million; the Arts Council of Northern Ireland £1.45million; the Heritage Lottery Fund £447,000; and the then Environment and Heritage Service £525,900. The Crescent itself contributed £236,000 and has appointed fundraising consultants to raise the rest.
