54 Malop Street has architectural and historic significance at a regional level. The upper facade retains a high degree of integrity and is an excellent example of the Neo0Grecian style with simplified classical idioms and typical 1920s detail. The building is sited on a prominent corner. The building is of historic significance for a number of reasons. Gibbs, Finlay and Morsley designed the building and Arthur Phillips was the builder. A selection of expensive materials was used inside the building and the exterior clad in Pyrmont stone from Sydney. This demonstrated the importance of the building's status as high quality materials were imported. The building had strong associations with National Mutual Company, the Suttons Music store, and Thomas Jewellers who continue to occupy the site.
National Mutual Life Building - Physical Description 1
54 Malop street is an attached four storey parapet building which is clad in Pyrmont stone, and has a high degree of integrity despite the alterations to the ground floor shop front. The symmetrical facade is an example of the Neo-Grecian style, is divided unto three main bays on both sides of the building by pilasters that run the height of the structure, and has small paned metal framed windows recessed in the bays. On the north facade, at ground level, a door and a window architrave have been retained. The south and west walls are both brick. On top of the roof is a small brick house with a distinctive red tiled roof. The west boundary wall of 54 Malop Street extends up and is also the external wall of the house. The location of the residence is unusual. Recessed spandrel panels of both stone and metal express the floor division on the facades. The building stand tall compared to the adjacent structures and is sited on a prominent corner. The original signage remains but inappropriate new signage detracts from the building. The ground floor shop front have been substantially altered and a new verandah has been added.