Headfirst Travel and Vertical Ventures take over the lease of the old Oamaru Cycle Works building on the corner of Wansbeck and Harbour Sts on October 1.
The building will serve as an office space for the Oamaru branch of Dunedin-based Headfirst Travel, which also operates in Queenstown, Invercargill and Rotorua.
It will also be occupied by Vertical Ventures, an Oamaru-based adventure tour operator providing cycle and climbing tours and running outdoor activities for schools and groups in the region.
Vertical Ventures director Rob Connolly said in the short term it would be used as office space and a bike workshop, but they had plans to expand.
The building would serve as a visible depot for the two businesses but would not be a shop open regular hours.
Mr Connolly and Headfirst Travel general manager Ralph Davies hope to have it open more as they grow, identifying several opportunities.
''It's good for both of us. It's putting our finger on the pulse a bit more and it's in the Victorian Precinct, which is seeing more and more visitors, so it's going to open up opportunities,'' Mr Davies said.
''For me, I'm getting an office space and the ability to see what's happening on the street and dress up the front and have a bus parked out the front with penguins on the side.
''It's only going to be a good thing.''
As the popularity of the Alps 2 Ocean Cycle Trail grows, Mr Connolly saw opportunities to establish more day tours and activities.
''With the development of this area, it's ideal for us,'' he said.
Mr Davies and Mr Connolly were both looking forward to networking with other businesses in the area.
The building will get a ''fresh look'' with some new paint and signs.
The move was welcomed by Oamaru Whitestone Trust chairman Peter Garvan.
''David Wilson and his penny-farthings were high-profile and good for the image of the Precinct ... we knew we had to find tenants to at least match that and we are confident we have,'' Mr Garvan said.
''[Headfirst Travel] and [Vertical Ventures] will bring extra people and extra business into the precinct, but also help grow the tourist industry in the region.''
