The site of the Former Queens Head Hotel has high potential for survival of building features such as post holes, drains, wall plates and foundations, as well as occupation deposits relating to 1856-1918 use as a hotel and 1918-1966 use as a farm and residence. Surface features and artefacts confirm there are some archaeological remains.
The site is of historical significance as a relatively rare goldfields period wayside inn, which served both the local Lockwood community and travellers to the North West of the colony. It reflects the once prosperous local community and the centre of Lockwood village, which has in the 20th century declined