Reed was awarded first prize, worth £75, in the Bank of New South Wales’ competition to design their new Melbourne headquarters on a vacant block of land facing the prominent Criterion Hotel.

The façade of the Bank of New South Wales building is prized as a leading example of mid nineteenth century Renaissance Revival architecture in Melbourne.

The upper frieze is decorated with nude figures holding flowers and fruits, while the lower half contains ornamented wreaths carved in place by sculptor Charles Summers.

[5] Reed chose Sansovino’s library due to the building’s style and evocation of merchant activity and the function of banking that was central to the city and society in Renaissance Italy.

Eventually, the continuing decay of both the interior and façade coupled with the need to expand culminated in the final decision to demolish the building in 1932 to make way for a newer, larger Art Deco design.