Originally known as the Swimming Baths and Dispensary, the extensive health facility was built in 1891 for Great Western Railway (GWR) workers living nearby.
It offered a more holistic approach to care and featured baths and pools, a dispensary and consulting rooms for doctors and dentists.
Restoration plans began in 2018 when Swindon Borough Council commissioned an options appraisal for the future of the listed building.
In partnership with leaseholder GLL, Swindon Heritage Preservation and Historic England, the authority has secured about £8.6m worth of funding.
Beyond the main pool hall, future phases aim to revive the smaller pool area, Turkish baths and dispensary – but this remains dependent on further funding.