The island is historically significant as it is the oldest naval explosives manufacturing and storage complex in Australia (from 1865).

Plans for the initial group of buildings (centred around the three-bay main magazine) were drawn up in the office of Colonial Architect James Barnet.

Existing buildings were altered and new ones were constructed to suit the new military needs, and the completed installations were at the forefront of munitions handling and storage technology at the time.

[1] During the First World War there was hectic activity on the island and several hundred extra workers were appointed, mainly for shell-filling.

[1] Spectacle Island is still used by the Royal Australian Navy to house the Naval Repository, including a collection of relics and artefacts, ranging from small items to vessels.