The venue has been used for film screenings, plays, conferences, corporate functions and film shoots, but is best known for performances by DJs and bands, including the Foo Fighters, Coldplay and Stereophonics.
The new owner had the opportunity to buy the land, building and the venue and bar identity, Ms Nielson said.
"This is a huge opportunity for someone else to rebrand the current business. The present owner is willing to help with any transition," she said.
The freehold, standalone 578 square metre building has two levels and a mezzanine floor, and is split into three separate but linked areas with their own entrances.
When used as one venue it can accommodate a crowd of 520. The main floor with bar and VIP side-room fits 320 people, while the basement can accommodate 100 and the mezzanine 80.
The property also has a 24-hour liquor licence.