Although it had long been recognised that repair work needed to be done, because it is a historic building, a conservation plan and condition report were needed before any decisions could be made.
That report, prepared late last year by Queenstown-based heritage architect Robin Miller, recommended urgent repairs to keep the New Zealand Historic Places Trust category two listed building watertight.
Those included repair and renewal or rainwater fittings, repair of decayed framing and claddings, floor repairs and redecoration of the exterior timberwork.
A working party made up of members from the Central Otago District Council, the Station Museum Group, Promote Dunstan and the Clyde Historical Museum Group, is the driving force behind the repair project.
Clair Higginson, a member of the working party and Vincent Community Board chairwoman, said the most expensive part would be painting the exterior and internal plastering. She said while the council owned the building, there was no ratepayer funding available for its upkeep.
Andrea Ritchie, another member of the working party, said the ultimate aim was not just to preserve a piece of history but to allow the public access to it.
"But it is early days yet, in terms of getting people interested and involved in fundraising."
A public meeting has been called for next Tuesday night at which it was hoped ideas would be formed and interested people would present themselves to help keep the project moving, Mrs Ritchie said.
While the Vincent Community Board, Promote Dunstan and the Lotteries Heritage and Environment Commission funded the $14,000 conservation report, it was expected the bulk of funding for the repair work would be raised through community funders, such as the Central Lakes Trust.
In order to apply for funds from those organisations, the group would have to show it had made an effort to raise money first, Mrs Ritchie said.
Mr Miller recommended any work should be the minimum necessary to stabilise or repair, it should be documented and should be done by a craftsman with an understanding of historic building construction.
He also made suggestions for an income-generating future use of the building.
Among those included the possibility to link the station with the newer station, built during the construction of the Clyde dam in the 1980s, which is now a terminus for the Otago Central Rail Trail.
"Reconnecting the two is a current idea within the district and it is the conclusion of this conservation plan that it must be the best option for safeguarding the future of Clyde's historic station building," he said.
The report also said the building was highly significant both locally and regionally.
It was opened in April 1907 and was crucial to opening up Central Otago, initially for land sales and later for the growth of the fruit industry.
Due to competition with road transport, its use gradually declined and it was closed shortly after a new railhead was built on the opposite side of State Highway 8, during the construction of the Clyde dam.
It has been used as a museum since 1986, housing engines and other railway memorabilia.
Those items are on display, protected by a fence and veranda but the building is rarely open to the public.
Council property and facilities manager Mike Kerr said selling the building had not been considered, as it was run by a community group and its members had not indicated they no longer wanted to care for it.
Save Our Station meeting, Clyde Memorial Hall, September 25, 7.30pm.