A new occupant is sought for Unity Works after administrators put the city centre venue on the market.
The lease on the building is being marketed for an unspecified sum by estate agent Eddisons after the company behind the venue, Unity House (Wakefield) Ltd, collapsed last week.
Bids are also being invited on the contents of the building - including sound systems, lighting, and catering equipment - which will be auctioned off.
Last Monday the administrators, Begbies Traynor, said all future events at Unity Works had been cancelled and staff had been made redundant.
Now they have begun the process of selling the company’s assets to pay off debts.
Joint administrator Lee Lockwood said: “All creditors, including those who paid deposits for tickets and or made event bookings, have now been contacted and we are currently in the process of looking for a buyer for the lease.
“It’s too early to tell who may be interested in the lease and what purpose they may have in mind for the building, but we’re open to any expressions of interest.”
The Establishment, a separate bar in the building, is not affected by the administration and remains open.
Unity Works opened in 2014 after Unity House (Wakefield Ltd) was set up as community cooperative to restore the building.
Grants included £500,000 from Wakefield Council and a community share issue raised more than £200,000.
Loans included £1.46m from the Leeds City Region Growing Places Fund and £750,000 from the Architectural Heritage Fund (AHF). The City Region said loan repayments were not yet due when Unity Works went into administration.
Wakefield Council confirmed that it could be liable for £550,000 or the AHF loan after acting as a guarantor.
The board of Unity Works is yet to comment.