Related: New owners for Mittagong Maltings

Last year the property was purchased for $6.05 million dollars by the Medich Corporation.

The previous owner Barry Anstee had bought the dilapidated building for $590,000 in 2009.

According the Medich Corporation website the developers plan to retain the exterior of the building while they turn the inside in to a multi use facility.

"By preserving and protecting the existing building fabric without restoring the buildings to their former state, we intend to activate the ruins whilst maintain the intriguing character of the buildings that have evolved over many decades," the website statement read.

"This adaptive reuse project will create a destination location both for people in the area and those travelling from Sydney and surrounding areas.

"In this way, it will create value not just for us as investors, but also for the community around it."

The Medich Corporation was contacted for comment.

The Mittagong Maltings was first established in 1899 to supply malt to breweries. It was then bought by Tooth and Co in 1906.

The company ran until 1981 when Tooth and Co closed the Mittagong Maltings.

Read more: Free skill workshops available for young people in the Highlands

Whitewall Art Projects, at the site of what was once the Bell Gallery, is bringing contemporary to the country