[2]: 3.2.2  The original Crown Grant of the present site of 122 Pitt Street was given to Joseph Wyatt by the Major General Sir Richard Bourke on 4 May 1836.

The site was occupied during 1858-1870 by John Glue who ran a labour bazaar and restaurant, and later a grocery store and in 1870 his business was called the "Kent Larder".

The portions facing Pitt and Rowe Streets were constructed of the best Pyrmont Stone of a light cream colour, wrought and polished.

In 1919 the building was renovated and modernised, including major refitting to the ground floor banking chamber and the installation of a lift.

From 1954 they ran a very informative migration and settlement summary each month in their magazine "Millions" aimed at easing the problems faced by migrants.

[1][2]: 3.6 After the building's purchase, architectural firm Morrow and Gordon was commissioned by the Club to prepare the plans to convert the ground floor into shops to generate revenue.

The Club is now involved in activities such as resistance to further encroachment on Sydney Harbour by Naval installations at Garden Island and the preservation of Queen Victoria Building.

Although some original fabric at the basement and ground floor level has been lost as a result of alterations, elements of the main construction phases are evident throughout the building.

[1][2]: 31–33 As at 9 August 2004, The Sydney Club & Millions House, formerly the Commercial Bank, is a five-storey building comprising a lower three storeys of Victorian Mannerist style which has been sensitively extended.

The building is aesthetically significant for its well resolved detailing to both its interior and exterior, and is particularly noted for its use of rusticated panels and decorative voussoirs as well as its granite columned entry.

[1] The Sydney Club was listed on the New South Wales State Heritage Register on 2 April 1999 having satisfied the following criteria.

The Club was formed to increase immigration to Sydney, but took an active role in advancing New South Wales through many different avenues, including irrigation schemes, roads and railways.

[1] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

The Sydney Club is of State significance as a fine example of the Victorian Mannerist architectural style, as applied to a commercial building.

The Sydney Club has local significance as a landmark at the corner of Pitt ad Rowe Streets and is a key visual element linking a group of Victorian buildings at the intersection of King and Pitt Streets to the General Post Office, Sydney at the corner of Martin Place.