As far as I understand, it's a place where to meet around some productive activity, as opposed to meeting around booze. :P

The intended side effect should also be ensuring that even less wealthy community members can access fancy tools.

Why they call them men's sheds is a mystery to me, since I can easily imagine a schedule where it's a women's shed or random folks' shed one some days.

Men’s sheds are community-based, non-commercial organisations that are open to all men. Men’s sheds improve the health and wellbeing of their members by giving them a safe place to make friends, share meaningful activities, talk, and access health information and resources. https://www.health.gov.au/our-work/mens-sheds