The building was constructed in 1878 as a train depot to serve the nearby busy port. Among railwaymen it was always known as "The Point Store". In the late 1980s, after many years of neglect and disuse, it was bought by local developer, Harry Crosbie along with Apollo Leisure (now Live Nation) fitted out the venue with balconies, offices and backstage facilities. Before it was renovated, U2 recorded the second track of their 1988 album, "Rattle and Hum", "Van Diemen's Land" there, and footage of performances of this song and "Desire" from the building appear in the accompanying "Rattle and Hum" movie.