The landmark is being brought back to life, thanks to funding from Swansea Council and £4.9m from the Welsh Government.
The project, led by the council and assisted by R&M Williams and GWP Architecture, is part of the council-driven £1bn city regeneration plan, aiming to breathe new life into the High Street area and create a hub for local businesses.
Lead tenant Tramshed Tech is Wales’ leading co-working network and innovation hub.
The restored Palace Theatre building will feature six floors of versatile workspace including co-working, meeting rooms, office space and podcast studios.
The historic theatre stage is being preserved as an event space and collaborative co-working area while the ground-floor will become ‘Da Coffi’, Tramshed Tech’s independent coffee shop. This coffee shop will be open to the public.
The opening marks Tramshed Tech’s expansion into Swansea, adding to their existing locations in Cardiff, Newport and Barry.
Beyond physical spaces, Tramshed Tech is known for its award-winning innovation programmes, tailored to support the growth of tech, digital and creative businesses throughout Wales and beyond.
Cllr Rob Stewart, Swansea Council Leader, said: “We’re delighted that Tramshed Tech have announced an opening date at the Palace – and to have them on board to run this beautiful building that we’re saving for future generations.
“Our work – and Tramshed Tech’s expertise – will breathe new life into the Palace. I’m looking forward to it reopening as a base for local people running businesses there.
“It’ll be a catalyst to help regenerate the city centre and its High Street area which has seen tens of millions of pounds of investment in recent years, bringing new opportunities, homes and improved commercial premises across the city centre. I thank all those who have worked on the fantastic Palace project.
“The Palace is one of many exciting city centre developments on which there’ll be great progress this year, including work towards a greener, more welcoming Castle Square Gardens and advances on our Y Storfa public services hub.”
Louise Harris, CEO at Tramshed Tech, said: “As a proud Welsh company, we are honoured to be part of the Palace Theatre’s next chapter. This historic landmark is treasured by the local community and has been a cornerstone for over a century.
“We’ve worked closely with local partners to ensure that the building’s history is respected, and its legacy preserved while adapting it for the future.
“Our vision is to create a space where Swansea’s rich heritage meets its bright future – a place where local business owners can spark conversations, foster collaboration, forge partnerships and facilitate game-changing innovation.”
Jayne Bryant, the Welsh Government’s Cabinet Secretary for Housing and Local Government, said: “It’s wonderful to see how our Transforming Towns programme is supporting the renovation works to bring this listed building in the heart of the city centre back into active use.
“The redevelopment of the iconic and prominent Palace Theatre building serves as a crucial catalyst to help regenerate Swansea’s High Street and I can’t wait to see how this project will benefit both businesses and the local community.”
The landmark will provide cutting-edge workspaces that pay homage to some of the building’s most treasured features with its decorative open iron balcony, original red Ebbw Vale brick, and refurbished floor tiles, blending its rich history with modern entrepreneurial spirit.
Tramshed Tech will manage the Palace building post-construction, bringing their expertise in creating dynamic, future focused workspaces in historic buildings.
