A new buyer has big plans for one of Guelph’s most historic buildings.

In exchange for an undisclosed amount of money, Tyrcathlen Partners will soon take control of the Petrie building on Wyndham Street.

It’s currently home to the Apollo Eleven restaurant on its ground floor, while its second, third and fourth floors are believed to have sat vacant since the 1920s.

The new owner hopes to keep some sort of restaurant operating at street level, while restored and renovated upper floors could house commercial or residential tenants.

“The structure is remarkably sound,” says Tyrcathlen’s Kirk Roberts.

“We’re pretty excited about being able to get in there.”

The building is one of the oldest in Guelph. It was built by A.B. Petrie in 1882, as a pharmacy.

Its façade is made of special-order galvanized sheet metal. In fact, it’s the only complete remaining façade of its type in Canada.

David Knight organized a Facebook group, now sitting at several hundred members, to preserve the building.

He says he’s delighted by Tyrcathlen’s plans for the property.

“They’ve done an amazing thing, really,” he tells CTV News.

“We’ve waited so long for someone to … save this particular iconic building from the threat of demolition by neglect.”

Knight is organizing a public fundraiser to help restore the building’s façade.