Ownership of one of Cardiff's leading co-working space and music venues has been put up for sale with a £3.2m price tag.
The 57,088 sq ft Tramshed, which also includes apartments, is being marketed by property advisory firm Savills on behalf of its owner DS Properties.
The scheme, which also includes apartments, extends to 57,088 sq ft. The grade II listed building was originally built to accommodate the city's tram depot, which opened in 1902.
The mixed-use scheme has a 1,000 capacity multi-purpose performance venue, 30 live/work residential apartments (sold on long leaseholds), co-working and flexible office space, a boutique 40-seat cinema and a café/bar.
The total site area extends to 1.06 acres.
The sale of the property investment doesn't impact on the current occupiers of the scheme. Operator of the music venue, TEG MJR, has a long-term lease. It said it was looking forward to working with the future owners of the building.
It will also not impact on the scheme's anchor tenant in Tramshed Tech, which remains very much open for business for its tenants and prospective clients.
A planning application has been submitted for a four storey office building on the land to the rear of the scheme. The proposed development would provide 11,500 sq ft of office accommodation. The development is designed to continue the success of the co-working office space already operating within the Tramshed.
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Located in the Grangetown area of the city, the Tramshed is around 100 yards away from Cardiff Central Train Station and the Central Square development.
Ross Griffin, director in the investment team at Savills' Cardiff office, said: “This is a rare opportunity to acquire this unique building with historical significance that has been developed into a high quality mixed-use destination, where people want to live, work and enjoy. This positions the asset well for the long-term in addition to the added bonus of the development opportunity.”
Clare Bailey, director in the commercial research team at Savills, said: “The way we work is changing and there has never been a more opportune time to create happy local workspaces that can support both the business and local community.
"People are increasingly looking for engaging workspaces in a stimulating environment close to home, so it’s important to provide spaces which promote both wellbeing and a sense of community.
Areas outside the city centre are becoming a magnet for freelancers and those that want to work outside the home but don’t want to travel into the office. The Tramshed is a great example of the type of space.”