Mysterious street-furniture artifact.

Close to Woodend Hospital, this cast-iron artifact is about 1 metre in hight. The rather-rude top section is articulated, but we couldn't get it open, no matter how robustly we tried to manhandle the top-knot. Once painted dove-grey, the coating has eroded to reveal bare metal and the rather tumescent deep red undercoat. To the bottom of the item and left on this pic, a now missing panel reveals that it once had a power supply.

What is it?