The station, designed by the first official architect for New Zealand Railways, George Troup, who also designed the Dunedin Railway Station, was offered for sale by the trust, by deadline, through LJ Hooker Oamaru. Offers closed on May 1.
Information presented to prospective buyers included the station's history and conservation reports on its condition.
Since then, the trust had been assessing ''multiple bids'' in a ''competitive sales process'', trust chairman Peter Garvan said yesterday.
The conditional sale was subject to due diligence by the prospective purchaser.
Mr Garvan would not reveal the price - the station has a 2013 rateable value of $205,000 - because the sale was still conditional. What the trust would do with the money would not be decided until the sale was unconditional.
He would also not name the buyer at this stage, although he lived outside Oamaru and had a real interest in the community and preserving the railway station.
Conditions of the sale included entering a covenant with Heritage NZ for the property, banning any demolition, maintaining the exterior as it was and as a railway station.
The building also has a Heritage NZ listing of category 2 and a B listing in the Waitaki District Council's district plan.
Railway memorabilia in a showcase in the building would be loaned to the buyer.
While much of the exterior was original, the interior had undergone major modifications over the decades.
However, Mr Garvan said the prospective buyer had indicated a ''very strong interest in the community'' and retaining the building's authenticity as a railway station.
He had indicated to the trust he wanted, where practical, to bring the building back to its original floor plan from 1900.
While the buyer had outlined what he hoped to do with the building, Mr Garvan said that was up to him to reveal if the sale proceeded.
