The former wool store that went up in flames contained some of the finest east coast hardwoods including ironbark and tallowoods, according to prominent Newcastle architect Barney Collins.
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Mr Collins, who produced a conservation management document for the building in 2020, said contrary to popular belief, the support timbers would have withstood Tuesday's fire relatively well.
"The actual structural timbers would char to a depth of about 5mm and then they would stop burning. That's why they used to use it for big store houses," he said.
"Everything inside like floorboards and floor joists, particularly when they were soaked in lanolin, would have gone up though."
Mr Collins said it was too early to say whether the building, which opened on May 1, 1941, would need to be demolished.
"If the floors have collapsed the brick walls will have a problem because they won't be supported. Whether that needs to bring it down, I don't know," he said.
He confirmed the building's roof contained asbestos.
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