The Argus Building, designed by architects Godfrey Spowers, and completed in 1926, is of State historical and architectural significance.
Historically, it is significant for housing the Argus newspaper for 30 years, and represents its major physical legacy. The Argus was one of Melbourne's three leading newspapers, all established in the founding years of the city, until its closure in 1956.
Architecturally, it is one of the major interwar office buildings in the city. It is given particular prominence by its location amongst much smaller buildings on the edge of the city, the still unfinished tower and the giant order stone columns on the Elizabeth Street facade, lending an imposing quality suitable for a major metropolitan newspaper. The building is also unusual for its original program, housing all the various functions of a newspaper. Some interiors remain intact, and the original 'Advertisement Hall' (now the corner retail space) is particularly notable for its scale and decoration.