It was opened as Cardiff Bute Dock but the name was changed to Cardiff Docks in 1845 by the Taff Vale Railway . The station was renamed Cardiff Bute Road by the Great Western Railway on 1 July 1924 and given its present name of Cardiff Bay in 1994 . In August 2017, plans were approved to renovate and convert the derelict 1840s building, and construct a four-storey building alongside it. The new building would house 10 flats, offices and a cafe. The Victorian Society said the Bute Street station was one of the oldest and most significant railway structures in Wales and in the previous year appeared on its list of the 10 most endangered building