Gallaghers Place is located between King and William streets, extending from Little Collins Street through to Bourke Street. Gallaghers Place was named after Elizabeth Gallagher, the proprietor of the Rose of Australia Hotel, located in the lane from 1895. The Melbourne Wool Exchange was also located on the western side between Gallaghers Lane, King Street and Little Collins Street. On the opposite side of the lane was the McCracken's Yard.