The 1920s section of the Wallace and Milbrook Butter Factory is architecturally significant as a well maintained, typical, medium sized dairy industry building which exhibits all of the typical forms of dairy industry architecture: red brick walls, high roof line, typical glassed ridge-line vents and clear indicators at the delivery section. Historically the Wallace factory gains significance by being one of the few remaining dairy industries not controlled by either Bonalc or Murray Goulburn. It is also historically significant as a building used continuously for butter and cheese production, a rare example in dairy industry buildings. Part of the old building is also used for tourism purposes, tourism related to the dairy industry, and this adds to its social significance. As the only industrial building in Wallace (or in any nearby townships) the factory takes on a dominant role in the industry of the area.