A new owner for the Thanet Press building in Margate has now been confirmed.
The space will be opened as a second venue for London’s renowned Carl Freedman Gallery.
The 10,000 square foot space is over two floors of a concrete 1960s commercial building which will also house Freedman’s print publishing business Counter Editions.
An artist residency and roof top sculpture project space are also planned.
A spokesman for the gallery said: “This is a fantastic opportunity for us to present larger scale solo presentations by our artists as well as more expansive curated shows.
“Margate is going through an amazing transformation, led by a growing art community, and we are excited to be a part of the future of the town’s creative-led regeneration.”
Thanet Press. in Union Crescent, closed in 2011 with the loss of 74 jobs following financial troubles.
An application to turn the site into 64 flats, made by BHD Architects on behalf of GTL Property Management, was refused and an appeal against the decision in 2015 was dismissed.
The Carl Freedman spokesman quashed rumours that its gallerist Rob Diament was the buyer.
It has also been confirmed that Jonathan Viner, who bought part of the Thanet Press buildings last year, is involved in the scheme.
Mr Viner is a director of Union Crescent Property Limited which paid £635,000 for the historic building.
He is also director of Jonathan Viner Galleries and Margate natural skin and body care firm Haeckels.
Mr Viner last year revealed plans to turn the site into a ‘creative hub.’
Other participants in the site are to be confirmed soon