Constructed by local builders, A Stonadge and Son, to a design by Addison and MacDonald, the new premises at 39 Melbourne Street was opened for business on 31 July 1929.

As it was situated within the town limits drawn up in 1846, the allotment was affected by each of the major urban developments on the South Brisbane peninsula, such as the development of the public transport systems, the declaration of the first-class urban areas, and the widening of the major arterial roads (Melbourne and Grey Streets).

Subdivision of the original blocks was underway by 1870, and allotment 1 section 15, of which this site is a part, was acquired by Patrick Maunsell on 3 March 1871.

[1] The economic development of South Brisbane was reflected in the various properties which occupied the site prior to the construction of the bank in the late 1920s.

The more diversified nature of commerce in the area from that time is reflected in the tenancy of the Pikes Building which was constructed by 1917.

[1] Situated on the corner of one of the three distinct shopping centres which developed in South Brisbane in the early twentieth century, Baynard's Corner Melbourne Street, the Queensland National Bank was ideally placed to capitalise on the industrial and commercial development on the South Brisbane Peninsula.

From that time, all in-bound trams from West End, Dutton Park, Ipswich Road, Coorparoo, Greenslopes and Balmoral stopped at the Bayards corner intersection where the bank was situated.

When the Melbourne Street railway station became the terminus for both the interstate line through Kyogle as well as the southside commuter services, access to potential clients would have been increased considerably.

The building in both its aspect and architecture reflects both the optimism for the future and the competitive drive which several of the banks were exhibiting at this time.

[3] The former Queensland National Bank, South Brisbane Branch is a two storey rendered brick building with a corrugated iron roof partly concealed by a decorative, moulded parapet with a dentilled cornice.

A paired, copper door is located along Grey Street topped by a classical entablature with a row of dentils.

[1] A staircase, with a copper handrail, leads to the first floor landing which has an original cast iron railing.

As a surviving remnant of the former scale of the South Brisbane area, which has been substantially altered due to development, the former bank is significant for its rarity.

[1] The place has a special association with the life or work of a particular person, group or organisation of importance in Queensland's history.