The older part of this woolshed was erected by Michael Studholme and his brothers in 1855 and is still regularly used. It is of an interesting construction, and had originally a Totara roof over sarking, before roofing iron was available. A lot of the timber is adzed, and all the inside timber is pit-sawn Totara. The railings are of Manuka, preserved by the grease of sheep's wool. It can hold 1,000 sheep during shearing, and the shorn sheep can be kept inside in counting out pens in wet weather. At one time there were 22 stands, eleven on each side of the shed, but today there are three machine stands. One of the internal features is the old Farmers screw wool press, a huge and historic piece of machinery.

The yards around the shed are especially interesting, being made of morticed Totara rails, which are still sound.

In the peak period of station history nearly 100,000 sheep were shorn annually in the shed. Early steeple chasing events were run from the shed over the nearby fences.

Te Waimate Woolshed is one of the most attractive and historically important of any in New Zealand.