On 8 May 1854 James G Francis advised the Melbourne City Council that he would make wooden additions to his house on Lots 8 and 9 of Section 8 in Albert Street.  Lot 8 was on the corner of Eades Street and Lot 9 was next door fronting Eades Street. A ‘staff wanted’ ad in the Argus of 29 April 1854 gives an idea of East Melbourne at the time:

Apply at Mr. Francis, Albert street, Fitzroy square, first wooden house with a verandah in front after passing new Catholic Church, top of Bourke-street east.

The result of the new work, according to the Rate Books of 1855, was a wooden house of 8 rooms, plus kitchen and stable. Francis made further additions two years later.  

On 23 October 1861 Francis advised that David Mitchell, builder, would make further additions to his house in Albert Street. A tender notice in the Argus of 17 Oct 1861 shows John Flannagan to be architect.  This appears to be the beginnings of No 314, which in 1862 is described as a ‘large brick house 2 stories + wd hse 2 stories in rear’.  At this point Francis still owned the original wooden house on Lots 8 and 9 which was rented out.  The new brick house was next door, on Lot 7.  In 1868 and 1871 further additions were made, again using the skills of David Mitchell. 

James Goodall Francis arrived in Hobart in 1835 and moved to Melbourne in 1853. He was a merchant and businessman, and from 1859-74 he represented Richmond in the Victorian Legislative Assembly.  He was premier from 1872-74. The 1872 Education Act was passed under his leadership.
He lived at his house in Albert Street, known as Airlie, until his death in 1884. He was survived by his wife Mary Grant, née Ogilvie, whom he had married in Hobart and with whom he had eight sons and seven daughters. His estate was valued at more than £178,000. The house was advertised for sale in 1884 with an extensive description:-

All that piece of land being Crown allotments 6 and 7 of section 8, East Melbourne, comprising half an acre of land, on which is erected that elegant FAMILY RESIDENCE Known as AIRLIE, as formerly in the occupation of the late Hon. J. G. Francis, and containing drawingroom, 22.8 x 18.6 ; billiardroom, 21 x 16.6 ; fine hall, 38 x 8.3. laid down in Minton's tessellated tiles ; diningroom, 22 x 20 ; ballroom, 33 x 21. fitted with musicians' gallery, pantry (fitted with shelves, glass case, &c.), bathroom and lavatory, with hot and cold water ; kitchen, complete with superior range; servants' dining room, 22 x 16.6, and with kitchener.
First floor, approached by broad staircase, contains best bedroom, 22 x 16.8, with linen press ; bedrooms, each, 17.0 x 16.6, 12 x 12.9, 21.6 x 21, 21.6 x 13, 14 X 16, 12 x 9.6; nursery, 22 x 17 ; bathroom and lavatory, with hot and cold water; linen closet, fernery.
The eastern wing contains fine comfortable and commodious bedrooms and library.
There is a spacious and airy cellar, fitted with wine bins, &c.
The out offices consist of coach house for three carriages, six stall stable, two harness rooms, loose box, work room, laundry, 18 x 14, fitted with washing bins, &c. ; coach man's room &c.
The yard and carriage entrance are laid down with cubed pitchers.
The whole of the mantel pieces, grates, gasoliers, and fittings are of the most elegant and costly description.

The house failed to sell and was advertised again in 1888 in similar terms but with the added information:- 

The Whole of one Crown Allotment, consisting of one quarter acre, is laid down as croquet lawn and grass plot.

The next owner was solicitor, William Henry Croker. It seems that Croker also bought the original wooden house on the corner of Eades Street but sold it soon after.  Croker was a great lover of all things horsey.  He owned a large estate near Essendon called Woodlands.  He was president of the Oaklands Hunt Club which met close by.  He was also a member of the Victorian Racing Club (VRC) committee.  Woodlands is now in the care of Parks Victoria and part of it has become the home of Living Legends, a retirement home for some of Victoria’s champion racehorses.  

Around 1915 Croker moved to 144 Gipps Street, East Melbourne and the Albert Street house was leased to the Federal Government which bought it from Croker’s executors after his death in 1922. The building became the headquarters and advisory centre for the Commonwealth Scientific and Industrial Research Centre (CSIRO).  It housed an impressive library of scientific books and research papers from all over the world as well as providing a mail-out service of information booklets on a wide variety of scientific subjects.  From 1947 it was also the home of their Film and Video Unit.

Once a building with a highly decorated exterior renovation, undertaken possibly in the 1960s, has resulted in much of the ornamentation being hidden under a thick layer of cement render.  This possibly happened alongside the building of the six-storey office block next door, on the old croquet lawn.  However, journalist, Barbara Hooks, in The Age of 21 October 1996 indicates that the interiors remained intact:-

The rather dreary cement-rendered façade at 314 Albert Street, East Melbourne, conceals its secrets well. Behind it lies a series of splendidly proportioned rooms, glorious stained-glass stair lights, soaring ceilings, grand wooden fire-places and patterned tile floors. 

The CSIRO moved out in 1995 with the government achieving a sale price of $1,755,000.  The history of the property since is not clear.  It seems initially that it became a residence with home office. 

In 2009 it was the registered office of Wintech Technologies whose managing director, Kim Wong, faced criminal charges following a probe into $1.2 million of investor money that went missing from the listed computer-parts company.

Marc Pellisco writing in the Sydney Morning Herald of 15 Mar 2014 describes the building as having been ‘occupied for years by Epworth Healthcare’.  At the time an application for a permit to convert the building from ‘office and accommodation to a residential hotel’ had been lodged with the Council, but eventually lapsed. 

More recently the house has been thoroughly renovated under the supervision of architects, Cera Stribley.  Much of the interior has been retained and where necessary features have been repaired or, if too far gone, recreated. A new feature has been the addition of a third floor forming a new rooftop terrace with sunroom and bar, looking out over the gardens and the city beyond. 

NB:  The address for this property was 314 Albert Street until 1995, but has since been known as 318 Albert Street.