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The building, the Grade II-listed Great Western House, has been empty for the past four years.
The YMCA will be refurbishing the building.
The operation will follow similar YMCA Somerset Coast projects with the focus being on offering training in hospitality, catering and business skills to young people.
The refurbishment of the building will commence this September, with a completion date prior to Christmas 2018 and a scheduled opening in January 2019.
