A derelict and historic theatre building in Swansea, where Charlie Chaplin and Morecambe and Wise once performed, is to be given a new lease of life.
It comes after Swansea Council's cabinet have approved plans to acquire the grade II listed and 131-year-old Palace Theatre building and seek grant funding to transform it into a new business and community venue.
The council is now in negotiations to buy the property, which has been empty for more than a decade. It had previously been a nightclub venue.
The building is currently owned by Swansea Palace Theatre Company Ltd.
The council said for commercially confidential reasons it couldn't disclose how much it would be prepared to acquire the building for.
A private sector-led scheme to regenerate the Palace Theatre began four years ago, but grant support for redevelopment has not materialised.
Discussions this summer between the owners, council and Welsh Government determined that the only option was for the council to acquire the building and work with Welsh Government to identify funding to support redevelopment work.
If successful, the council would then work with heritage specialists to redevelop it as office accommodation, although there may also be scope to include conference and performance facilities.
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The council would then manage the building and generate revenue to offset costs.
Work on restoring the building, subject to a redevelopment grant of around £5m, could start this year and take three years to complete.
Leader of Swansea Council, Rob Stewart, said: "After many months of behind the scenes work and negotiations our plan is to purchase the building and regenerate it into much needed high quality office space, retail space and also deliver a new space for community use.
“Our proposals will not only save this architecturally-significant landmark for our city but also add to the revitalisation of the upper High Street area. The benefits will be felt by the city centre and the local community for years to come."
He said the building could provide much new office space for the city, targeted at start ups and SMEs.
Mr Stewart said: "There’s growing demand for top class office space for tech businesses, creative industries and SMEs in the city centre – and the Palace would be a highly desirable location.
“Its transformation would also help regenerate the High Street area which is already benefiting from more than £100m of investment via a number of key privately funded projects to get more people living and working there.
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“The council’s £130m Swansea Central Phase One is also moving ahead at pace and we’re on track to deliver the new digital arena, shops, car parks and hotel in early 2021.
"Meanwhile, the £12m Kingsway transformation is nearing completion and plans are progressing for our digital village and other major schemes."