It was built in 1897 as a purpose-built town hall after the original town hall - which stood near where the current ANZ Bank is - burned down.
The hall switched roles at the outbreak of World War I to become an opera house and picture theatre and was badly damaged by earthquakes in the 1930s and in 1942.
In later years it served as the NZR Road Services depot before Peter Colvin started up an auction rooms there.
Inspections of the old opera house have revealed it is suffering from advanced concrete cancer and was made of unreinforced masonry. The building was not able, for those reasons, to be insured.
Mick D's Auctions held its last auction in the building in late January.