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Riverbank opened in 1960 in Caversham as a detention centre for boys. The aim was to have a reform effect, hence the focus on work-skills training during their time inside, which on average was nine-months long.
It closed in 1996, although some sources state it is 1997. Regardless, it reopened in 1998 as a prison for vulnerable male inmates until 2001 when it closed again.
In 2010, after a $2 million refurbishment, it reopened as a Community Work Management Unit until it closed in 2013.
Nothing has happened with the building since. It was heritage listed in August 2017.
As of 2021, the government is in the process of preparing Riverbank for public sale.
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