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This is the first glimpse of ambitious plans to transform an old city tram depot into a stunning arts centre and business hub that could bring up to 300 jobs to Cardiff.

Cardiff Council has confirmed it is in “advanced negotiations” to transfer the late 1800s and Grade II listed building in Grangetown to TShed Developments Ltd, with plans for an extensive refurbishment subject to the planning process.

The plans would transform the old depot to provide dance studios, an art gallery, cafes, bars and a restaurant – as well as 29 work units, 15 business development units and office, studio, meeting and conference facilities.

Cardiff Council has, for the first time, released the impressive computer-simulated images of what the renovated building would look like if the deal is finalised and the work goes ahead.

The depot, located at the junction of Clare Road and Pendyris Street, is close to the city centre.

The plans would see it act as a hub for local people and the creative industries, as well as a business centre which would deliver state-of-the-art facilities for both established and new emerging companies.

TShed Developments Ltd has confirmed it will consult with the local community to see how the plans could most benefit local people, while the jobs created would be in the building industry before permanent opportunities are created.

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The talks come as the council looks to review its estate of 523 buildings in a bid to reduce costs that could result in some being sold off, in a bid to help make £37m of total savings across its total budget.

Related: 27 fantastic pictures of trams and a Welsh street scene you'll scarcely believe used to exist

Phil Bale, leader of Cardiff Council, said: “The council is reviewing all our assets in our estate to maximise value for money, and create modern energy efficient purpose-built community facilities which are fit for purpose for the 21st Century.

“This is an excellent example of plans to transform a disused building into a facility which will benefit the community for future generations.

“In this instance the council is selling the building and has worked with the developer on the concept of the design to ensure that it is financially viable, delivering a quality facility for the communities of Grangetown and Riverside as well as a welcome new addition to the city’s growing creative industries offer.”

The future of the depot has been uncertain for some time, and in March 2013 the local authority instructed international property consultants DTZ to market the former depot and its associated buildings.

That move released the historic buildings for refurbishment and redevelopment, with the council initially saying the building had the potential to be targeted at the creative industries sector.

Simon Baston, a company director for TShed Developments Ltd, said: “TShed Developments Ltd is delighted to be selected as [the] preferred bidder for the scheme and looks forward to finalise the contract soon to create a vibrant multi-use cultural hub close to the city centre within an area of significant regeneration.

“TS Developments will create over 300 sustainable and diverse employment opportunities to the local area, recruiting from the local community through local job fairs.

“TShed developments has extensive experience in this form of multi-use projects and looks forward to full engagement with local people to provide a scheme which will benefit the community, create a large number of construction jobs alongside permanent opportunities, stimulate economic development and provide a building which will act as a catalyst to help underpin and grow the urban cultural arts position in Cardiff.”