The building of this got underway in the 1920s. Central Electric was built on the eastern side of Sydney Terminal and tracks for the underground loop were completed in 1926 as far as St James on the east side and Wynyard on the west side. When the Harbour Bridge was opened in 1932 one of the three pairs of tracks visible here served that, and the other pairs were for the loop, although the loop wasn't completed until 1956. For more info, see the book Railway Electrification in Australia and New Zealand.
This pic, looking towards Central with Elizabeth Street running up the left, was taken by Frank Hurley in the 1940s.
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