£12million of lottery funding will be provided for this project. It is hoped that it will be opened in 2016 in time for the centenary of the battle of Jutland.
Judith Cochrane MLA said: “HMS Caroline is one of our few remaining links to World War One. I hope that the decision to turn her into a floating museum will help ensure that the events of World War One will never be forgotten, and give future generations a physical link to this period.
“Northern Ireland made a massive contribution to World War One, especially in terms of shipbuilding. When it is opened, HMS Caroline will be a focal point for upcoming commemorations.
“Along with the Titanic museum and the Nomadic, HMS Caroline will continue our fascinating maritime heritage.”