Falcon Square takes its name from the Falcon Iron Works opened there in 1858 by brothers, John and Charles Falconer, to take advantage of the new opportunities for trade generated by the railway. They produced gates, stoves and fire irons. However, the Falconers’ small family-run business lost its railway work and was essentially run out of town by its competitor, the Northern Agricultural Implements and Foundry Company Ltd, which later was renamed the Rose Street Foundry.
The name Falcon Square first came into use in the late 1800s to describe an area which was not a square, but a little street which led off from the iron works site.
During the first half of the 20th century, warehouses continued to spring up in Falcon Square to service the railway, as well as providing a base for fish, fruit and tea merchants.
As more supplies for the chain stores began coming from the south, the warehouses closed down and the empty buildings were used by various clubs.
The restored building was painstakingly dismantled brick by brick and rebuilt at a ninety degree angle from its original position using the original stones, beams and iron work.
Shop workers in the retail outlets within this building blame the ghost of a workman killed in the foundry for unexplained events such as doors opening and closing on their own.