Degraves Street is located between Elizabeth and Swanston streets, extending north from Flinders Street and connecting with Campbell Arcade and Degraves Place, where the entrance to the Flinders Street Station underpass is located.
Degraves Street was named prior to 1856 after William Degraves, a flour-miller, merchant, and Legislative Council representative. In 1849, Degraves and his brother Charles came to Melbourne from Hobart, and purchased an acre of land on the corner of Flinders Street and Degraves Street. In 1851, they built a steam driven flour mill on this site, which said to have cost £10,000. In 1895, the Degraves Building, headquarters of William Degraves & Co., also housed many importers, manufacturers and agents. Close to the underground exit from Flinders Street Station, Degraves Street today is a popular café and restaurant area, also housing several small boutique stores.