The engineer overseeing work to make it safe would hopefully make a recommendation on Monday, but it appeared the entire facade could be in danger of collapse, Mr Broad said.
The removal of the veranda and parapets in the past few days had effectively "opened the patient up" to reveal further problems.
Pedestrian barriers would remain to protect the public until the area was completely safe, Mr Broad said.
Additional remedies as recommended by the engineer would be carried out as soon as possible, Mr Broad said.
The "corpse" of the building, which is about 100 years old, would then be left, because the onerousness of planning restrictions made it difficult and expensive to demolish.
Mr Broad was issued with a dangerous building notice by the Dunedin City Council on April 20 after he presented the council with an engineer's report showing the building was unsafe.
Yesterday he repeated his criticism of the council for planning rules protecting the central city "townscape".
He believed public safety was afforded less priority than town planning considerations.
Mr Broad is also disappointed the council advised he needs retrospective consent for what a letter from senior planner John Sule describes as the "partial demolition" carried out to comply with the dangerous building notice.
"I have brought a matter of public safety to their attention despite it not being in my commercial interests. [The council has] responded with a series of threats." It appeared the council "had no interest in reaching a sensible resolution".
Mr Sule said the requirement to gain resource consent was part of the usual process.
