Thanks for all your comments and suggestions guys. This is a pic of the quaint little building I saw and photographed in the Adelaide CBD that sparked the idea to do this style of building (you can see some of the elements that are similar).
It's certainly not my dream home WD, but I find the style fascinating to the eye.
Carroll, the style certainly is strange with the lower floor having less area that the ones above it, but as you suggest it has a very small footprint- leaving the streets below as wide as possible, yet giving maximum living area. It reminds me of a pyramid on its point...very unstable!
The updated picture has the woodgrain corrected to run along the timber instead of across it...I think it improves the realism a bit.