The Royal Edward Victualling Yard (REVY) has state significance as the first Royal Yard in the southern hemisphere. It is a reminder of the importance given to the presence of the Commonwealth Naval Forces in the southern hemisphere, and the subsequent growth and development of the Commonwealth Forces and the Royal Australian Navy in the region. The presence of equipment associated with the victualling functions extant within the yard and buildings including hoists, lifts, cloth manufacturing machines and a crane are also strong reminders of the sites functions. The stores operated during both World Wars and played an instrumental role in the provision of supplies during World War Two. The narrow, vertical Federation Warehouse buildings designed by Walter Liberty Vernon are a fine example of a style of building, design features and commercial activity now rare on and around the waterways of central Sydney. They are also fine examples of largely intact Federation warehousing.