Port of Newcastle will invest another $850,000 into the ongoing restoration of the 143-year-old Carrington Pump House.
Work to restore the northern, eastern and western facades will commence this month.
It follows completion this year of a $1.2 million project to restore the southern facade of the heritage-listed sandstone and masonry structure.
The area in front of the building has also been remodelled to reflect the original layout and function of the pump house.
Built in 1877 and operating until 1967, the building housed the first large scale hydraulic power system to be established in Australia, providing power for the original coal loading cranes.
Once the restoration is complete, the building will be suitable for a potential commercial use.
"We have restored the roof and the front of the building. We will do the three sides now. The next step is what will we do with the inside and that's where we will start talking to potentially interested parties," Port of Newcastle chief executive Craig Carmody said.
"Structurally it is sound inside. We have stripped out all of the asbestos; there's not much else in there."
Mr Carmody said the port was proud of its role in helping to preserve and restore the city's heritage.
"Port of Newcastle is proud to be the long-term custodian of this building, which has both historical and architectural significance for the city," Mr Carmody said.
"We are protecting and respecting the port's important historic role of the past 220 years, while also powering ahead with ambitious plans for the next 100 years."
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