Completed in 1885 and built in the Pre-Federation Anglo Dutch style under the direction of William Wardell and his associate, Walter Liberty Vernon, the building served as the principal offices and warehouse for the Australasian Steam Navigation Company until the company's merger in 1887, when the Government of New South Wales acquired the land used for ordinance facilities and later as government administration offices.

The company approved free or assisted passages for worthy causes, these included Caroline Chisholm going to Moreton Bay to obtain employment for immigrant women and Dr Ludwig Leichhardt also going to Moreton Bay for an expedition in Queensland, and they shipped plants and specimens for the Botanic Gardens in Melbourne for free.

In 1991–92, the building was restored to its original 1880s appearance both inside and out, and following that has been leased for galleries facing George Street, retail on Circular Quay West and commercial uses on the upper floors.

the traffic superintendent's office and an apartment for the reception of Carter's tickets and general wharf business'.The timber framed Directory Board of the former Commonwealth Government tenants in the AS&N; Co Building is also of heritage significance.

In 1992–93, the building was restored to its original 1880s appearance both inside and out, including the reinstatement of the large timber windows and doors and removal of the 1950s office partitions, at a total cost of $5.7m.

The integrity of the interior of Bay 5 of the warehouse component, however, has been seriously compromised by the removal of most of its internal fabric and adaptation to a cinema complex in 1990.

The site has a long history because of its prominent location in the Rocks area, situated on the edge of the Quay and adjacent to the various wharfs, within the main commercial maritime centre.

Although there were other buildings of similar style that existed in Sydney, none of them incorporate such picturesque facades with this type of layout nor do they mix office and warehouse design together.

The construction method of the building is possibly the earliest surviving example of the use in Sydney of steam cranes imported from England.

The importance of steam shipping to the colony's economy is strongly reflected through the high architectural style and the prominent waterfront location of the building.

It holds significance in its associations with The Rocks, Campbell Cove and Circular Quay and is part of a historical precinct that includes Cadmans Cottage, Mission to Seaman Chapel and the Sailors Home which together strongly illustrate this former maritime neighbourhood.

[1] It is a benchmark building form capable of providing information about the special relationship between its design and function, being a very rare example of a mix of office and warehouse.

It has research and scientific potential in the information that its fabric displays and retains, including the very early sprinkler system.

[1] ASN Co building was listed on the New South Wales State Heritage Register on 10 May 2002 having satisfied the following criteria.

The site has a long history because of its prominent location in the Rocks area, situated on the edge of the Quay and adjacent to the various wharves, within the main commercial maritime centre.

The former ASN Co warehouse and office building was designed by WW Wardell, an outstanding architect of the nineteenth century who was prolific.

[1][6] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

Although there were other buildings of similar style that existed in Sydney, none of them incorporate such picturesque facades with this type of layout nor do they mix office and warehouse design together.

The importance of steam shipping to the colony's economy is strongly reflected through the high architectural style and the prominent waterfront location of the building.

The construction method of the building is possibly the earliest example of the use in Sydney of the steam cranes imported from England, which transported materials on site.

It holds significance in its associations with The Rocks, Campbell Cove and Circular Quay and is part of a historical precinct that includes Cadmans Cottage, Mission to Seaman Chapel and the Sailors Home which together strongly illustrate this former maritime neighbourhood.

[1] The place has potential to yield information that will contribute to an understanding of the cultural or natural history of New South Wales.

The easily comprehended structural system is an outstanding example of typical commercial building construction in New South Wales from the mid- nineteenth century onwards.

[1][6]: 18 The building has research and scientific potential in the information that its fabric displays and retains, including the very early sprinkler system.

It is a benchmark building form capable of providing information about the special relationship between its design and function, being a very rare example of a mix of office and warehouse.

[1] The place possesses uncommon, rare or endangered aspects of the cultural or natural history of New South Wales.

The column-to-beam connections of the structural frame, which represent an elegant marriage of timber and cast iron building technique, is an unusual, but efficient-looking method, which does not seem to exist elsewhere in Sydney.

The construction method of the building is possibly the earliest surviving example of the use in Sydney of steam cranes imported from England.