A student pilot was in the left seat of his newly purchased aircraft and a private pilot occupied the right seat. The investigation was unable to determine who was flying the aircraft at the time of the accident. The pilots initiated a go around after a hard landing which sheared off the left main landing gear, broke the nose gear strut, and damaged the horizontal stabilizer. Witnesses stated that the climb rate and the airspeed appeared to be very low, and that the left horizontal stabilizer appeared to be bent down. According to witnesses, during the cross wind and down wind legs, the airplane was making abrupt pitch changes and never attained altitudes of more than 300 to 500 feet AGL. While on a close in down wind leg, the airplane struck an industrial building which is approximately 100 feet higher than the runway surface. The student pilot had just traded another airplane for the accident airplane which had just had an annual inspection and was signed off as unairworthy.