Nicholas Hawken was a member of the New South Wales Legislative Council and Joseph Vance was one of the founders of the Clyde Engineering Company.

The name 'Produce Exchange' suggests that it might have been more than just a warehouse, perhaps serving also as the point of contact for a variety of people, middle-men who performed a range of import-export functions.

It is a three-bay composition articulated by pilasters at each storey, the three levels being marked by cornice motifs, with a pierced and balustrade parapet above the side bays and a pediment above the centre.

The new building has an additional storey set back from the street line so as to retain the integrity of the early structure.

It is an example of a mid-Victorian warehouse facade remaining in the city, with a pleasing Victorian Free Classical design in modelled stucco.

The facade has historic significance for its association with the produce company Hawken and Vance, whose principals were prominent Sydney citizens.