Kennedy Street is a bit of quiet backwater but in recent times it has been a hive of activity.  At the Cooper Street end the Belvedere office building went up.  Across the way another new building has been completed.  It replaces buildings that stood on Kennedy Street and Princess Street.  On Kennedy Street the facades of 36 and 38-40 Kennedy Street were retained and incorporated into the design.

The main entrance to the building is on Princess Street and provides the building's name 55 Princess Street.

The designers of the building describe it as follows, "To Princess Street, a zinc clad 'box' above ground floor level projects over the footway, and offers a memory of 45-51 Princess Street which it replaced whilst imparting a more appropriate civic scale to this street.  The upper levels are set back and more horizontal in character. They are also of a more transparent construction than the street wall below, reducing the apparent mass and forming external terraces with city views."