This building was constructed in 1901 by surgeon Dr. William Cussen, a surgeon. His name is still visible in the leadlight above the front door. In 1998 Dr Cussens was an Honorary Medical Office with of the Ballarat Orphanage.
In July 1920, the building was gifted to the citizens of Ballarat for the ongoing welfare of returned servicemen and women. Sir John Monash officially opened the building as the Ballarat War Memorial Building.
In 1942 a voluntary organisation called The Comforts Fund took up residence in the building with the permission of the R.S.L to transform it into a hostel, providing beds, food and support for many service men and women during World War II. It is estimated that by the end of the war in 1945, one million meals had been served. The building was returned to the R.S.L in the later part of 1945.
In 2013, 2 Lyons Street South was given new life as Ballarat Premier Apartments after extensive renovations and began operating as luxury accommodation.