The old Dunstan Times newspaper building on Sunderland St is being renovated by owners Richard and Jo Flanagan.
The Flanagans bought the property in April last year.
"We’re talking about putting it back to its original condition, as best we can," Mr Flanagan said.
Historical sources say it was originally built in either 1864 or 1866.
The Dunstan Times started life as possibly the Dunstan News in December 1862.
It was the first publication to be produced in Central Otago, other than the Otago Daily Times, which started in November 1861.
It had numerous owners and editors but was purchased by the Stevens family in 1900.
The Papers Past website says in 1948 it amalgamated with the Alexandra Herald and Queenstown-based Lake County Mail to form the Central Otago News.
The office was closed and publication moved to Alexandra.
The building became a holiday house but was neglected for some years.
The Flanagans wanted to restore it to its former glory, having done a similar restoration at Onslow Downs, near Millers Flat.
Mr Flanagan said the couple planned to install a cottage from Christchurch on the back part of the section, where they would live, behind the Dunstan Times building.
The old building would be transformed into a garage and small flat.
Mr Flanagan said the front would be as close to the original as possible — car entry would be from the side.
There was also a garden shed behind the original building they had nearly finished renovating.
The Flanagans said the process of getting work done was long and complicated, but they hoped to finish the project.
Due to Heritage New Zealand and council processes, they were given resource consent only in February.
This year, they had painted the facade and done much work on the garden shed.
