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An exciting key for the redevelopment of the Melbourne Sports and Entertainment Centre into the Westpac Centre was the return of this heritage listed building to its original shape. The building, the last venue from the 1956 Melbourne Olympic Games retained in Melbourne, was restored in 2003 to reflect the key external elements of the original award winning design.

The building has been remodelled internally to become a new Sports Administration and Training Centre, offering efficient operational and athlete services, including a 25m swimming pool, hydrotherapy spa, theatrette, and administration offices.

The Westpac Centre serves as a centre of excellence for professional organisations and elite athletes. Its inaugural tenants, the Victorian Institute of Sport and the Collingwood Football Club, have based their business and athlete operations within the Centre. Further redevelopment works have been completed in late 2012 and early 2013 to further enhance the venue.

The venue was originally constructed for the 1956 Melbourne Olympic Games in which it was the first ever Olympic Pool to have a roof. Shortly after the Games, the venue became the Melbourne Sports & Entertainment Centre, playing host to a variety of events. Often referred to as 'The Glasshouse' following renovations in 1983, the 7,500-seat venue was the home of Basketball in Melbourne. Former-NBL team the North Melbourne Giants continued to call the venue home following the opening of the National Tennis Centre which became the new headquarters of Basketball.

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