The Parcel Post Office in Lee Street was built in 1913, having been designed by George McRae, the government architect.

[3] The area was previously a busy nexus for the electric tramways of Sydney until the system's closure in the late 1950s.

[5][6] On 14 August 1975, a new pedestrian subway and bus station opened with two platforms in the square, one for Public Transport Commission buses to the Eastern Suburbs and one for Inner West services.

[8] The site was fitted with public artwork created by Merilyn Fairskye, including murals, illuminated wall panels and four towers with coloured steel ribbons inside, representing the four elements (Air, Water, Earth and Fire).

[9] Railway Square is dominated by the rising glass bus terminal structure, and by four sculpture light towers.