The point on the map is actually the location of St Paul's Cathedral.  

"Well, I can tell you that the Cathedral Hotel was just one of the buildings demolished to construct the first city square.  It was torn down in 1968, by which stage it had been around for 85 years. The fixtures of the back bar were sold at auction to the Swan Hil Folk Museum, to be used to fit out a pioneer cabin style pub.  Apparently the hotel was a favourite calling spot of Archbishop Woods, he would call in there prior to the 8.15am service....nothing alcoholic mind you.  (Information taken from Robyn Annear's book "A City Lost & Found. Whelan the Wrecker's Melbourne.")"  http://www.walkingmelbourne.com/forum/viewtopic.php?t=1290

After the lecture Sam attended the Yorick Club supper  at Cathedral Hotel with 85 members — from the medical, legal, journalism, academia, military, public  service, and dramatic arts professions were there. Sam met Harry Foster, Minister of Mines. Toasts were given by E.G. FitzGibbon, Mr. Deakin, Theodore Fink, Judge Molesworth, Prof. Kernot; and music  by Mr. Kaye. Sam made a long speech, joking about his carbuncle; reported verbatim in the Oct. 5  Australasian. The event itself was reported in Age on this date and in Argus on Sept. 30.  MTDBD September 28, 1895