The Union Bank of Australia is situated at the corner of Princes and Liverpool Streets. It opened in September 1874. The building has a 60ft (18m) frontage to Princes Street, and a 54ft (16m) frontage to Liverpool Street. The three-storey building is constructed of Oamaru stone with classical detailing. The two-storey frontage to Princes Street has a grand pedimented portico with two-storey Corinthian order columns set on a symmetrical façade. The façade behind the portico has paired pilasters, square-headed windows on the ground floor, arched windows with false keystones on the first floor, and plain but elegant entablature above. The style was that expressing the corporate values of respectability and permanence desired by nineteenth century banks. When completed the business portion of the premises, contained on the Princes Street level, consisted of banking hall, safe rooms and manager's office, and cloak room. An elegant stair case led to the floor above. The banking hall was 44ft by 29ft (13m by 10m), one half of which was behind the counter. The basement and upper floor were occupied as dwelling apartments for officers of the bank. The building is one of the most massive and solid construction and street presence. The interior fitout was colonial red pine, Oregon and Cedar. By the early 1970s the interior had deteriorated, and the double pitch internal valley slate roof and framing were in poor repair. Signs of cracking were evident throughout the structure, particularly at the east (back) wall. These problems led the ANZ Bank to consider demolition and redevelopment on an adjacent site. At the time this was being considered Dunedin suffered a strong earthquake, and the lack of further damage led to the decision to reinstate rather than demolish. Structural consultants Brickell, Moss, Rankine and Hill worked through strengthening proposals. Due to fire code issues the decision was made to maintain the basement and ground floor only of the existing building. The first floor space was used as bracing space for trusses. The damaged east wall was demolished and replaced with a concrete frame tied into the side wall. Concrete beams were used on the first floor for additional strengthening. The original timber first floor was removed and replaced with a light steel framed and plaster-lined ceiling. A mezzanine floor was added. The new extension to the rear was concrete, and designed to as a foil to the richness of the original building.