The Octagon is predominantly a pedestrian reserve, with grass and paved features, and is surmounted by a statue of the Scottish poet Robert Burns.
[nb 1] First laid out in 1846, the site was largely derelict for many years until the two major early parts of the city's settlement (to the north and south of the Octagon) were linked by the excavation of Bell Hill.
Several of Dunedin's significant buildings and institutions face this plaza or closely adjoin it of which three have New Zealand Historic Places Trust (NZHPT) recognition.
building on the corner of Princes Street, a multiplex cinema, and a major office block, Forsyth Barr House.
The area within the roadway — with the exception of the central thoroughfare between George and Princes Streets — is a pedestrian reserve, grassed and terraced in the upper half, and paved in the lower.
The terrace is surmounted by an 1887 statue by Sir John Steell of the Scottish poet Robert Burns, which has a Category I listing in the NZHPT register.
At this stage in Dunedin's history the area was officially designated as "the Square of Moray Place", though it was colloquially known as the Octagon even then.
[9] Despite the reserve status, the Anglican Church sought to build in the centre of the Octagon, applying directly to Governor Sir George Grey.
Otago Superintendent William Cargill was put in charge of resolving the dispute, which resulted in the Anglicans being forced to withdraw their plans for The Octagon.
It was only with the making of a cutting through the hill and the later removal of most of it to allow traffic to move easily between the northern and southern parts of the central city along Princes Street that The Octagon began to gain any prominence.
[citation needed] The first major structure of any kind in The Octagon's reserve area was a monument erected in 1864 to the memory of Cargill.
[10] The disaster was the biggest single loss of life in New Zealand due to fire until the destruction of Seacliff Mental Hospital some 63 years later.
[11] In the early 1890s several improvements were proposed to The Octagon, including fencing, and the planting of plane trees along the edge of the central roadway.
The Star Fountain, as it became known after its installation in 1966, was a popular attraction, with synchronised lighting, music, and water displays, which played at regular times of the morning and evening.
[citation needed] The "new look" Octagon was in many ways an "old look", with covered walkways and Edwardian-style streetlights and fittings giving an antique look to the central city.