His comments have quashed rumours circulating around the town of a potential move.
There are "absolutely no plans to move the Devon at all, in no way shape or form", Reid said.
The building on Burnett St is owned by the trust. It used to be a restaurant under the Speight’s brand before it was closed in March last year by franchise owner Tony Potts.
Reid said there has been interest in the building since then but the trust has opted to carry out repair work while it is unoccupied.
"The floor is damaged in there – it’s had moisture in there and the T and G flooring has popped up.
"We were talking about doing some earthquake strengthening so we are replacing the floor and doing the underground."
He said it was preferred buildings were strengthened to 67 per cent but ratings were set on the lowest portion of the building.
"It’s not earthquake-prone.
"We would rather buildings were 67 (per cent) but you’ve got to look at the cost-benefit (of) getting that last bit of work done.
"It can be horrendously expensive.’’
He said the upstairs work was over 67 per cent of code but the downstairs area needs to be done.
It made sense to get the underfloor strengthening done while the flooring was being repaired.
It is expected to take six weeks to complete the repairs and strengthening work.
The stylish two-storey brick building was set up as a hospitality business with kitchen and bar facilities, Reid said.
"It lends itself to remaining a hospitality venue," he said.
"It doesn’t mean you can’t make it something else but it’s ready to go for someone to walk into.
"We can’t do anything until we get that floor sorted. We can’t commit to anything,’’ he said.
"It should be in by around about the first of March."
