340 Albert Street was built as a family home for Abraham Goldberg while its neighbour, 342, was an investment property, probably leased as a lodging house. Between 1881 and 1891 Mrs Muir ran the East Melbourne School at 342.

Goldberg was the manager of the British Loan and Discount Co., and was one of the many financiers caught in the bank crash of the 1890s. He made a secret composition, or agreement, in order that his reputation not be tarnished by his having to appear in the insolvency court. Abraham lived in 340 Albert Street until 1897 and his son, Henry, continued to lived there for a further ten years. After the Goldberg family's period of residence, which ended in 1907, both properties became commercial.

In 1908 it was the Winfield Nurses' Home run by Mrs Holland. Much later, in the 1950s and 60s, the pair housed the offices of architects, Romberg, Grounds and Boyd, as well as the consulting rooms of many medical practitioners including eminent obstetrician and gynaecologist, Dr. Lorna Lloyd-Green. The National Trust had tried to save the building to no avail. However the ironwork and verandah tiles were given to the Trust for its collection. The site is now offices (Vicdeaf in 2007)