Impossible Triangle Sculpture

Saw this interesting sculpture while cycling through East Perth:

Of course, it can only be appreciated when standing in a particular location (Here is what it looks like from another angle). I wonder how many people pass it and don’t realise what it is or how you are meant to look at it?

Update: the sculpture can be seen on Google Maps in the centre of the round about. You can clearly see the arms of the triangle going off in different directions.