[2] The first building – with its associated garden – to be constructed on the western side of the cove in the vicinity of the present 103 George Street site was the hospital.

On the corner of George and Argyle St, stood a building that was occupied by the Assistant Surgeon until 1814 and later, from 1814 until 1836, by Francis Greenway.

After Bailey's death in 1862, it appears that his wife Margaret sold his interests in this business and the shops at South Head Road and Crown Street to Thomas Playfair.

Records found on the premises indicated that the Edwards family had been long term tenants, manufacturing and selling shoes and clothing.

Its proportions are pleasing with a formal symmetry in line with that of the Victorian Regency architecture in Britain which was transported to Australia and adapted by the early European settlers.

The use of decoratively moulded string courses with supporting scrolled brackets adds a touch of lightness and relief to the façade.

[1] As at 26 June 2002, the Ariel Bookshop and residence and site are of State heritage significance for their historical and scientific cultural values.

[1] The building known as 103 George Street, The Rocks, is of cultural significance due to early associations with the first Hospital site, the early development of The Rocks precinct, the carrying out of mercantile-related businesses in the area, with cultural diversity of the various owners and tenants, and its association with a leading personality of the late 19th Century, Thomas Playfair.

[1] The site is also significant for its close physical proximity to the home of Francis Greenway, who, for some 20 years, lived at, or near, the corner of Argyle and George Streets in the former Assistant Surgeon's residence.

It provides evidence of the changing demands and expectations of the community by adaptation of the building(s) to accommodate various commercial and residential uses.

[4][1] Shop and Residence – Ariel Bookshop was listed on the New South Wales State Heritage Register on 10 May 2002 having satisfied the following criteria.

The building's historical significance derives from its development from the early commercial era of this city, its continual use as a retail and residential premises.

The site itself has strong associations with Francis Greenway, who lived close by, at the corner of Argyle and George Streets, from 1814 to 1835.

[4][1] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

Its proportions are pleasing with a formal symmetry typical of the Victorian Regency architecture in Britain which was transported to this country and adapted by the early European settlers.

The building is centrally located within the George (High) Street precinct and contributes to the heritage and townscape significance.

The building's social significance derives from its links with and support function associated with the development of the society in which it has sat for 150 years.

Its almost continuous use as a residence, as an adjunct to its retail function, derives from the early social pattern and is one of the few buildings in the area that has retained this commercial/residential tradition to the present day.

The building's scientific significance derives from the ability of its fabric to demonstrate methods of building construction contemporary with the times and the efficacy of these methods and materials to withstand a long period of wear due to usage, weathering and attack by pathological agents - mainly, in this case, termites.

The shop premises, and the relevance of the place, grew as its use evolved to not only link its function to serve customers in general, but to more closely relate to the servicing of the shipping industry which had developed into an essential part of the social and commercial life of the city.