This paper explores the intersection of affect, digital heritage, and the circular economy through the case of Dennys Lascelles Wool Store in Geelong. While its iconic bow truss structure was demolished due to the rapid urban transformation of the city of Geelong, the remaining complex presents opportunities for preservation within a circular economy framework. Affect—the emotional and sensory connections to heritage—plays a vital role in sustaining cultural legacy. Digital tools enable the documentation and engagement of both tangible and intangible heritage, addressing gaps in the Authoritative Heritage Discourse (AHD), which often prioritizes physical preservation considering heritage as something material, non-renewable and fragile. By integrating digital heritage with circular economy principles, this study highlights sustainable preservation strategies. While the bow truss can only survive digitally, the rest of the site can be repurposed, aligning with circular economy practices to retain historical significance within the evolving cityscape. This paper underscores the significance of acknowledging the emotional and historical value of industrial and cultural heritage, employing appropriate digital tools for preservation and engagement, and adopting sustainable practices for the potential adaptive reuse of historic sites. It further advocates for reimagining heritage conservation in the digital era to enhance accessibility, engagement, and sustainability.