Originally, there was a nullah in the middle of the street carrying water from the hills down to the harbour.
With the development of the area, the nullah was covered and used for hot food hawkers market for many years and this was a favourable night meeting spot for professional drivers such as taxis and trucks to have their dinner and late night gathering until the foodstalls were removed to give way for more traffic lanes.
There are 228 units in 8 buildings with addresses in Water Street.
An electoral constituency in the Central and Western District Council is named after Water Street: Water Street Constituency.
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