[3] The four-storey building, a high-rise in its own time, was originally designed as a hotel and was built on the first section sold at Auckland's inaugural land sale in 1841.

Originally designed by Edward Mahoney,[8] the three-storeyed building was located in a prestigious part of the settlement, close to the former Government House and provincial council.

Early members of the club included a future Prime Minister, Julius Vogel (1835–1899), and prominent businessmen such as Thomas Russell (1830–1904) and David Nathan (1816–1886).

The first female member was admitted in 1990, shortly after the earliest woman after-dinner speaker, the Minister of Finance Ruth Richardson, who addressed the club in 1989.

It is the earliest building in the historic Princes Street streetscape, with significant landmark qualities that include its distinctive cover of Virginia creeper, planted in 1927.

A modern addition to the club, the Bankside Bar & Lounge designed by Nat and Pip Cheshire was opened after a blessing by local iwi, Ngati Whatua Orakei and the bishop of Auckland.