The long standing vacant building at 18 High Street was the first in the town to benefit from the country-wide High Street Heritage Action Zone programme, which is supported by £95-million of government funding and overseen by Historic England.
The property – former home to Chilli and Spice – has had its roof repaired.
The owner then invested in refurbishing the upper floors as residential accommodation, with the ground floor available as shop space.
Chair of Community Services Committee Cllr Peter Hollick said: “It’s been a long wait to see this much wanted, much needed improvement but it’s been worth it.
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"To have successfully engaged with the owner of this property shows the commitment the council has to improving the high street and regenerating its historic care.
"I hope this inspires other owners in the area to take action while there are still funds available.”
Historic England spokesperson Tony Calladine said: “It’s such great news that the first building repair has been completed in the Dunstable High Street Heritage Action Zone.
"I’m looking forward to seeing local people using and enjoying this revitalised space.”
> The HSHAZ programme is headed by Historic England to help regenerate more than 60 historic high streets across the country. Dunstable’s £2.4-million scheme is run in partnership with Dunstable Town Council and Historic England. It focuses on the High Street South, Middle Row area of the town centre conservation area.