Father and son property development duo Roy and Anthony Medich recently bought the abandoned building.

Mr Medich revealed the Medich Corporation had yet to formulate a long term plan for the site.

They are currently securing the site with fences and cleaning the property before they move ahead with any plans and are conscious of the history surrounding the property.

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A spokesperson for the Medich Corporation said the company had no plans to turn the property in to a drinking establishment.

The building was last purchased by Barry Anstee for $590,000 in 2000, a fraction of what he sold it for.

The Maltings were built in 1899 by the Maltings Company, it was then bought by Tooth and Co in 1901 and was operational until 1980.

Tooth and Co went on to build two more malthouses in 1905 and 1916.

The Maltings have been marred by fire, with malthouse one and malthouse three damaged by fires in 1969 and 1980. A fire gutted malthouse two in 1942 and was later rebuilt in 1953.

The structure was listed on the local council heritage list due to the building being one of the oldest purpose built commercial malthouses in the state and the importance to the commercial life of Mittagong.