Dozens gathered at the Allen Cres facility for an afternoon of socialising, reminiscing and fun.
Pony rides, bouncy castle, face painting, activities and refreshments kept children occupied while parents and guests mingled and read displays illustrating the history of the centre.
Former Queenstown Mayor Warren Cooper returned for the closure of the facility he opened as minister of foreign affairs and overseas trade, on June 5, 1982.
He praised past and present members, and the community that had grown over time.
"You'd think someone would just tick the resource consent for the new centre," he said.
The playcentre's last official day will be April 8.
It reopens in as yet undisclosed temporary premises for term two on April 27 with a year-long lease.
A future-proofed permanent replacement will be alongside the proposed Remarkables Primary School.
The Lake Ave school is expected to open to some years in the first term of 2010, before its full opening on the first day of the second term.
Educator Nicky Thompson said: "It will be great for the kids coming to the playcentre to get that familiarisation with the school."
Past president Sue Harcombe said Frankton Playcentre had made her 10 and 7-year-old children who they were today.
"Playcentre is more than a building, so when the building changes the people will still be here and the love will still be here."
Incumbent president Andi Smillie said the playcentre was just as much for parents as it was for pre-schoolers, and included mothers and fathers in the education of their children.
The facility was originally made from a prefabricated structure from Arrowtown Primary School and the dental clinic from Clinton.
It was given to the community by the Ministry of Education and is now for sale.
Two Queenstown parties have expressed interest.
Trees, flaxes and shrubs on the grounds have been numbered and are for sale, as many would have been planted by children and nothing could be left behind.
If a sale does not proceed, the centre is likely to be put up for tender or demolished after Easter
