The project will see the site transformed into a working distillery and visitor centre.
It has been a town landmark since the early 1800s, before closing down in 1993.
Whisky and gin firm Ian MacLeod Distillers bought the site in 2017 with the ambitious plans announced shortly after.
In March last year the firm received the go-ahead to replace part of the building with a modern extension.
Passers-by will have seen this work taking place in recent weeks, including curtain wall glazing for the still house and external cladding panels to the rest of the distillery building.
Also in place are process tanks, a mill, a grist case, and the mash tun – used in the mixing of the malt grains with water.
Malcolm Rennie, distillery manager, said: “Overall, great progress has been made on site and everything is on track for having a completed distillery for late summer next year. Exciting times are ahead.”
Production equipment was lifted by crane into the building in October, marking a major milestone in the construction.
Also in place are process tanks, a mill, a grist case, and the mash tun - and process engineer contractors will be on site to install this equipment in the new year.
The next major landmark will be the stills arriving at the site.
The older existing buildings are also seeing ongoing renovation works, with the visitor centre being built on schedule alongside further groundworks for the worm tub and tank compounds.