North Down Borough Council has won the race to build Northern Ireland's first Olympic-sized 50-metre swimming pool.
London is to host the 2012 Olympic Games
The aquatic centre, which is set to be opened by March 2010, will offer world class facilities for Ulster athletes training for the 2012 London Olympics.
The 10-lane indoor pool will be built in Bangor after North Down saw off a bid from Castlereagh Council for £15 million worth of Government funding.
Two bids from Belfast City Council were rejected earlier in the process.
"This project will go a long way towards addressing Northern Ireland's need for world class sporting facilities," said Culture, Arts and Leisure Minister Edwin Poots.
It will be accompanied in due course by other proposals currently being examined by Sport Northern Ireland under phase two of the Elite Facilities Programme," he added.