This structure marks the end of an artificial watercourse that was created in 1614, by the town and university of Cambridge, to bring water into town from springs at Great Shelford. The carrier Thomas Hobson (1544-1630) contributed to the scheme and it became known as Hobson's Conduit. (Hobson was something of a celebrity in the town, and was the subject of a poem by John Milton.) From this point the water was carried to various points in culverts; one of these points was on Market Hill, where this structure stood as a water fountain. It was relocated to this site in 1967.
This is Fitzwilliam Street, in Little St Mary's parish. Probably its most famous resident was Charles Darwin, who lodged here while studying at Christ's College (1828-1831). Darwin's mentor, the Professor of Botany John Stevens Henslow, was a curate at Little St Mary's.