The Steamtown Heritage Rail Centre, developed by the Peterborough District Council since 2002 as a static-display museum in the former roundhouse and workshops, has utilised the locomotives and rolling stock previously owned by the society, becoming a significant tourist attraction.

A prime motivation for the project was the return to steam – by its owners, the Pichi Richi Railway, situated 120 km (75 mi) to the north-west – of sister locomotive T186, in 1976.

The peak operating year was 1981, when the society ran a total of 27 trains, including a notable trip over the former interstate narrow-gauge route to Quorn.

The society sent trains to Bruce, Hammond, Moockra and Carrieton, using hired NT class diesel locomotives, to recover track and civil infrastructure.

The first organised motor section car excursions in Australia were hosted between 1994 and 1998, with entertainment including a live band at Eurelia on one occasion.

[8] In the society's last years of operation, it made a restored South Australian Railways motor inspection car available for hire.

[9] A hand powered section car ("Kalamazoo") race held at Black Rock yard in 2010 was the last event on the abandoned line.

[18] In the early days of the society, Australian National, which managed the railway facilities and operations at Peterborough, allowed rolling stock to be stored within its 19-stall roundhouse.

Low levels of tourist traffic in Peterborough and limited support from the local community were key factors, but the society had also suffered a severe loss of skilled volunteers as railway staffing in the town was drawn down.

[29] By the time the insurance crisis had been mitigated the following year, the society was experiencing great difficulty attracting people to a management committee.

[31] It had been expected that with the council managing Steamtown's assets through the sub-committee, the society would be free to concentrate on operating rail trips.

Efforts were concentrated on developing the site as a static museum, which was reported at the meeting as "proving highly successful, and has increased Steamtown's cash flow".

[31][32]: 1‑545 A year later, on 8 October 2004, the Peterborough District Council convened a public meeting to hear about and decide on a future direction for Steamtown.

It is realistic to say that trains are never likely to run again, due to issues such as track maintenance, insurance, lack of volunteers and money to do what other railway societies are doing.

"[33] The meeting heard that rolling stock and civil assets of the society had received only limited maintenance, mainly as a consequence of lack of resources.

For the tourist attraction to reach a break-even figure, three trains a week, filled to capacity would be required – a difficult target given its limited market base.

[33] Steamtown Peterborough Railway Preservation Society Inc. was dissolved as an incorporated entity on 13 January 2005; its Australian Business Number was cancelled on 31 December 2004.