The building at 26 Foundry Lane will be redeveloped to allow the repair, storage, valuation and sale of antiques, historical artefacts and historic furnishings.
Lynne Short, convener of the council's city development committee, said: "This part of the city is undergoing something of a refresh with new hotels being created, the Reading Rooms planning a revamp and the on-going popularity of the shops at the Gallagher Retail Park.
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"The New Olympia acts as a magnet for people to go in that direction and with visitors staying in the area when the hotels are completed there will be a bit of a buzz about that end of town that will be good to see.
"A charging hub for electric vehicles is also on the cards that will help to liven up a historic and interesting part of the city."
(LM/MH)
