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One of the first big businesses that developed in the new colony of Australia was the wool industry. It had an important impact on the development of Geelong as the centre of wool sales and exports. Geelong's location and the ambition of local merchants made it perfect for shipping Australian wool worldwide. As the industry boomed, throughout Geelong large storehouses were built for the storage, assessment, sale and transport of wool bales from throughout Victoria and even further.

As the industry declined the buildings were no longer required for their original purpose and fell into disrepair, some being lost to demolition. Those surviving have now been repurposed for a variety of functions, which allows the city to continue to develop whilst still celebrating its heritage.

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