Several of the smaller North Queensland branches closed during the 1890s, but by 1900 additional branches had been established at Childers, Mareeba, Mount Morgan, Thornborough and Thursday Island, reflecting the shifting fortunes of North Queensland industries (mining, pastoralism, and the beche-de-mer trade).

Title to the Charlotte Street site was acquired by the bank in June 1890, tenders were called in August–September, and the contract was let to John Armstrong of Cooktown, with a price of £2,188.

Work on the site excavation had begun by mid-September, and the foundation was laid on 13 October 1890 by Mr AJ Charker, manager of the bank's Cooktown branch.

Difficulties in their manufacture and heavy rain during February delayed work on the bank building, and it was finally completed in mid-1891.

For some years it remained bank property, but was rented out as a residence - the Police Magistrate occupied the building in 1917.

Title to the building was held by Walter Colley, and later his widow, from 1926 until 1948, when it passed to Cairns auctioneer and insurance agent Cornelius O'Leary.

[1] The site faces due west to Charlotte Street and runs to the east rising to a large granite outcrop.

The building which is two-storeyed and of rendered brick, has a rectangular plan form which runs to the street alignment.

[1] At ground level the facade has a symmetrical three bay colonnade that has semi-circular headed openings with hood moulds and a keystone.

[1] Internally a large proportion of the evidence of the original use of the building has been lost due to refurbishment, but evidence of the strongroom and position of the manager's office survives on the ground floor, and the original timber stair between floors remains against the east wall.

[1] Ferrari Estates Building was listed on the Queensland Heritage Register on 21 October 1992 having satisfied the following criteria.

The building remains a rare example of its type: a substantial, two-storeyed late 19th century North Queensland bank building containing banking chamber and manager's residence, constructed of rendered brick, with front and side verandahs to the upper level, illustrating the adaptive use of design in a remote tropical locale.