The Barmulloch Community Development Company (BCDC) will use the funding to purchase the former All Saints Church and associated church house, known locally as the Broomfield Road Centre.
The company plans to modify and refurbish the buildings, creating more space for additional services and activities.
In addition, plans are in place to build small industrial units to the rear of the building, which will provide new employment opportunities and an additional source of income to support further community activities.
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The funding was made available following a decision to open the Scottish Land Fund programme to both rural and urban projects.
Jim Hope, Development Officer of BCDC, said: "We are delighted and proud to be the first urban group to receive an award from the Scottish Land Fund.
"The award, to acquire a former church scheduled for demolition, will have a major impact on an area of multiple deprivation. "It will create much needed space for community activities, will preserve a much loved local landmark and will help to create a greater pride in the community."
John Watt, Scottish Land Fund Committee Chair, added: "I am delighted to welcome Barmulloch Community Development Company as the first urban project to benefit from the Scottish Land Fund.
"Community Ownership is a viable option for many local communities across Scotland giving them more control over the management and development of locally important land and buildings.
"BCDC will now transform its ambition into reality along the way contributing to the future sustainability and development of the local area."
(LM)
