The Queen Victoria Building, now affectionately known as the QVB, was designed by George McRae and completed in 1898, replacing the original Sydney markets on the site. Built as a monument to the long reigning monarch, construction took place in dire times, as Sydney was in a severe recession. The elaborate Romanesque architecture was specially planned for the grand building so the Government could employ many out-of-work craftsmen - stonemasons, plasterers, and stained window artists - in a worthwhile project. Originally, a concert hall, coffee shops, offices, showrooms, warehouses and a wide variety of tradespeople, such as tailors, mercers, hairdressers and florists, were accommodated.

The symbols are of property developers - the builders. The bottom central panel represents the heraldic symbol of a finished building and the joining of two hands denotes the fusing of two cultures. There are many interesting and charming exhibitions and attractions throughout the building, along with portraits of the Queen. There is also a letter from Queen Elizabeth II to the Citizens of Sydney to be opened and read by the Lord Mayor of Sydney in the year 2085. Outside the QVB, on Town Hall Place, facing The Town Hall are the Royal Wishing Well and Queen Victoria's statue.