Melbourne's northern market reserve operated from the 1880s until 1935, and was subsequently used by The University of Melbourne and the US Army during the Second World War. Only the north-western corner of the original boundary wall is left, a reminder of what was once a bustling, and smelly precinct, where pigs, horses, cattle and sheep were brought into Melbourne and traded.
The sculptured horse's head, originally over the entrance to the Horse Market Pavilion, was rescued and restored by the Parkville Association in 1985.