But the site's owners have reassured the community work is under way to resurrect Hill Station in Hume to its former glory and re-open the homestead to the public.

Hill Station was heritage-listed in October, 2012, as a significant example of a 19th and early 20th century rural station with strong links to early settlement in the ACT.

The site's cottage is one of the earliest examples of the rare pise construction method, also known as rammed earth. Parts of the site date back to 1862. Despite its historical value, the property's main homestead and various outbuildings have been left seemingly vacant and fenced off since the restaurant's closure in 2009.

Hume Vision Pty Ltd has owned Hill Station since the early 2000s.

Co-director and secretary Tony Commisso said the organisation had not abandoned the site and had put a lot of work into assessing suitable operations at the homestead.

"We had quite a bit of work done last year looking into the feasibility of converting Hill Station into a childcare centre. It's also been explored . . . whether part of the site could become a market destination with stalls around the property," he said.

“I think that returning it to a function centre-style operation could be suitable. It's about attracting someone who can make that work. It would require, of course, the public's support of those businesses.”

Mr Commisso said the site's industrial location and the territory's economic climate complicated Hill Station's future, while residential development at Tralee would probably have a positive impact as more residents moved closer to Hume.

“We have a vision of what the site could be but it really requires restoration work and funding. I guess the main challenges are getting an activity coherent to the industrial area, and dealing with the planning issues and the financial viability," he said.

"It was an award-winning restaurant and function centre . . . until the operator found it was not economically feasible. It's one thing to put a business there and another thing to ensure it's viable.”

Hume Vision Pty Ltd would consider either selling or leasing Hill Station depending on the use of the site, Mr Commisso said.

Former Hill Station owner and member of the ACT Legislative Assembly, Ian Black, restored the homestead and opened it as a restaurant in the 1980s. Mr Black sold Hill Station in 1985 but it traded as a restaurant until five years ago.

"It was certainly the best restaurant in Canberra for a number of years. Prime ministers used to dine there. Critics considered it the best restaurant between Sydney and Melbourne in the early '80s."

According to the site's heritage notice, Hill Station has strong ties to the prominent Campbell family of Duntroon and former politicians Sir David Fairbairn and Sir Henry Gullett.