Designed as a marketplace, it was used for a variety of other purposes, underwent remodelling, and suffered decay until its restoration and return to its original use in the late twentieth century.

The use of columns, arches, and a prodigal amount of detail such as was used by McRae in the chosen design are typical of Richardsonian Romanesque, an eclectic style identifiably established between 1877 and 1886.

The Australasian Builder and Contractors' News described the four designs in July 1893 as "scholarly Renaissance", "picturesque Queen Anne", "classic Gothic" and "American Romanesque".

McRae is considered by architectural historians to have been one of the leading protagonists of the new construction methods and materials which were then beginning to break down the conservatism of building techniques.

In achieving the strength and space of the building McRae used steel, iron, concrete, reinforcing, machine-made bricks, glass, imported tiles, fire-proofing, riveting and hydraulics on an unprecedented scale.

[13] at which the then Lord Mayor of Sydney, Matthew Harris,[14] made a speech that reflected "faith in the future, the great theme of the Victorian age of optimism", by saying:[3]: page:54 A less costly building would have provided ample market accommodation.

The Druitt Street entrance was opened by the Lady Mayoress using a commemorative solid gold key on which was a model of the main dome and the smaller cupolas, "worth a good deal more than £50", made by Fairfax and Roberts and presented by the Phippard Brothers.

In December 1933, Council voted to approve a major proposal to alter the Queen Victoria Building to suit the requirements of the Electricity Department.

The work costing (Pounds)125,000 was completed by 1935 and included the following changes:[2] Many of the shops at ground floor level in the southern part of the building were retained although they received new shopfronts in line with the updated Art Deco image.

An enduring quality the building has always retained is in its ability to change without losing its external imagery and architectural strength as an element in the city.

The SCC was planning a new large building opposite town hall and required the existing facilities in the QVB to be retained until its completion.

[27] On 31 May 1971, the Lord Mayor of Sydney, Alderman Emmet McDermott, leader of the Civic Reform Group, announced the building would be "preserved and restored to its original state".

In 1979 the Town Clerk, Leon Carter stated; "The Council is determined that the high cost of rebirth of the QVB will not fall on the blistered shoulders of the weary ratepayer".

Restoration proposals were held up by a combination of lack of funds and continuing disagreements between Council, potential operators and stakeholders such as the National Trust and the Royal Australian Institute of Architects.

[2] The Queen Victoria Building was restored between 1984 and 1986 by the Malaysian Company, Ipoh Ltd (now owned by the Government Investment Corporation of Singapore), at a cost of $86 million, under the terms of a 99-year lease from the City Council and now contains mostly upmarket boutiques and "brand-name" shops.

[2] By 2006, after successfully trading for twenty years, comprehensive plans were being prepared to conserve the exterior and refurbish the interior of the building to ensure the place was commercially viable as an ongoing retail complex.

The major upgrade of the building's interiors were designed by the architectural firm Ancher Mortlock and Woolley in association with interior design firm Freeman Rembel and included installation of:[2] Between 2008 and 2009, Ipoh performed a $48 million refurbishment[26] adding new colour schemes and shopfronts, glass signage, glazed balustrades and escalators connecting ground, first and second levels.

[2][32] A landmark grand Victorian retail arcade of three storeys, with sandstone clad walls and copper domes, designed in the Federation Romanesque style, dating from 1893 to 1898.

Apart from the ground floor the facade is basically unaltered, being composite Romanesque and Byzantine style on a grand scale to a large city block.

The top three levels have large openings (protected by decorative cast-iron railings) that allow natural light from the ceiling to illuminate the lower floors.

The Royal Clock activates on the hour and displays six scenes of English royalty accompanied by Jeremiah Clarke's trumpet voluntary.

The Great Australian Clock, designed and made by Chris Cook, weighs four tonnes (four short tons) and stands ten metres (thirty-three feet) tall.

The first display case contained an Imperial Chinese Bridal Carriage made entirely of jade and weighing over two tonnes, the only example found outside China.

Two allegorical groups of marble figures above the entrances on York Street and George Street (the two long sides of the building) were designed by William Priestly MacIntosh and selected by a committee made up of the Mayor (Alderman Ives), the Government Architect (Walter Liberty Vernon) and the city Architect (McRae) from designs submitted and displayed in the Sydney Town Hall,[33] among which was one submitted by Australia's first locally-born woman sculptor, Theodora Cowan.

[35] They were described thus:[33] George Street group Standing upon a raised pedestal in the centre is a female figure lightly draped in flowing robes, representing the "Guardian Genius of the City", with the symbol of Wisdom in one hand and Justice in the other.

On her right is seated a semi-nude, muscular, male figure, representing Labor and Industry, with the appropriate symbols, viz., wheat, a ram, fruit, and a beehive, grouped round him.

She is in deep thought in fine contrast to her sister representing Arts And Crafts who is looking with a welcoming and pleading look ...[36]The statuary for the second group was approved in February 1898.

Another statue of Queen Victoria, arrayed on a light grey stone plinth, is the work of Irish sculptor John Hughes.

[38] Nearby stands a wishing well featuring a bronze sculpture of Queen Victoria's favourite dog "Islay", which was sculpted by local Sydney artist Justin Robson.

While some original features and fabric remains, the 1986 "restoration" approach intended to recreate the imagery of a grand Victorian style arcade with considerable concessions made to ensure the place was commercially viable as a retail shopping centre.