The 2009 European Union Prize for Cultural Heritage/Europa Nostra award will be shared between Historic Scotland and heritage-led regeneration specialists, The Prince’s Regeneration Trust.
Both played critical roles in securing a future for the former water-powered cotton mill complex on the river Tay, near Perth.
News of the accolade came as the visitor centre, which now occupies Sir Richard Arkwright's Bell Mill, marked its first birthday.
The award will be presented at the annual conference in June of Europa Nostra, an international body representing over 250 organisations in 45 countries supporting national and international campaigns for the rescue and preservation of Europe's cultural heritage.
The mills went out of production in 1989, fell into a dilapidated state and faced demolition until bought by Historic Scotland in 1995, and rescued with the help of The Prince's Regeneration Trust.
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With considerable financial support from the Heritage Lottery Fund, the partners oversaw the project to revive the mills and put them back at the heart of the community.
The most historically significant areas, some dating to the 18th century, have been turned into a £4.7 million visitor and education centre by Historic Scotland.
Chris Watkins, Historic Scotland head of major projects, said: "The award is fantastic news marking out the regeneration of Stanley Mills as among the finest projects of its kind in the whole of Europe. It is also a superb example of what can be achieved through close partnership working.
"Even better is that award has coincided with the first birthday of the opening of Historic Scotland’s Stanley Mills visitor and education centre. The project has turned a dilapidated site into one of Scotland's most interesting and attractive early industrial complexes."
The visitor centre incorporates part of the Mid Mill and the entire Bell Mill, created in 1786 by Sir Richard Arkwright and the best-preserved cotton spinning mill directly associated with the inventor of the factory system.
In 1997, The Prince's Regeneration Trust agreed to develop rescue proposals for the derelict Mid and East Mills, the two largest buildings on the site.
A combination of public consultation and planning days led to a decision to convert the buildings to residential use.
The Mid Mill was eventually converted into five townhouses and the East Mill into 30 apartments.
The award will be presented at the Europa Nostra Annual Congress in Taormina, Sicily in early June.
(GK/JM)
