[2][1] The site is situated on high ground falling steeply away to the north; the western end was named Walsh Bay in 1919.

This is of strategic importance as it is adjacent to Walsh Bay, the Millers Point promontory and the northernmost past of Darling Harbour to the east.

[6][1] The 1880s began a period of significant change at Millers Point as the shipping patterns were altered - the size and frequency increased as the wool trade boomed.

There were plans to embark on wharf reconstruction, which would be reinforced by the building of a range of bond and wool stores on the higher ground behind the renovated and enlarged wharves.

[8][1] On 31 May 1901 the newly formed Sydney Harbour Trust (set up in order to control the spread of the bubonic plague through rats) resumed the entire block including the Bond Store.

Therefore, in rebuilding it, the structure was reduced to 5 storeys, and its north front was extended along the full length of Windmill Street.

Some window openings were replaced with a brick infill to reduce the risk of fire spreading due to excessive fenestration.

[1] The Bond Store is an example of late Victorian (1892–93 facades) / Federation Free Classical (1904) style warehouse structure.

The existing building dates from 1904, when it was rebuilt to original detail after the fire, with the omission of the two upper levels and with other fire-prevention measures.

[1] The Australian Builder and Contractors News of September 1892 stated of the original Bond Store prior to the 1903 fire that "The facades, of sensible and tasteful design, are of colonial brick, with cement mouldings and dressings the construction generally is of brick, with iron-bark storey-posts and girders, hardware joists and floors and galvanised iron roofing".

[1] External timber doors open out onto Windmill, Argyle and Kent Street and provide access to the courtyard.

External timber doors on Kent, Windmill and Argyle Streets originally provided access through driveways into the courtyard where the atrium space now is.

The timber driveway doors are part of a rare avenue of industrial openings along Windmill Street, which are a reminder of the commercial use of the area.

The storey post system supporting the internal floors is typical of the construction of the Sydney Harbour Trust during this period.

[1] Oswald Bond Store was listed on the New South Wales State Heritage Register on 2 April 1999 having satisfied the following criteria.