The search for a potential buyer for the former Mechanics Institute on Brisbane Street started in February, but in the end the council decided to retain ownership of the property and renegotiate the current lease to support continued investment into the heritage significant building.

Williamsburg director Luke Fielding said his family had expressed interest in the property, but after discussions with the council it was decided the agreement was best left as is.

"I think it was the reasonable move to do, I think it was in their best interest to keep the asset being such an important community building for the council to hold onto," he said.

"We've spent quite a lot of capital that normally a landlord would contribute towards a building, we have rewired it, replumbed, fenced it to make it more secure and redid the gardens and we're happy we have done it.

"We have a really good relationship with the council and it's in the best interest for both of us to work together; it does need a business to be successful in it because the community needs access to the history.

"It's not just important for us and our investment, but for Williamsburg to give the community access to the building."

The council formally decided on Tuesday night to renegotiate the lease to support the investment and preservation of the building and surrounds.

Councillor Juanita Wilson is heavily involved in the preservation of the region's historic and heritage buildings.

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Making sure that local items of heritage significance are maintained for future generations is crucial, she said.

"Council sought advice from the heritage advisor," she said.

"The Mechanics Institute has been significant in the history of Tamworth and it's worn many hats."

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