The fine Georgian building housing the arcade was built in 1926 to house the Tattersall’s (Horse Racing) Club. The club had been formed in 1883 and until then operated out of the Australian Hotel which at the time stood on the corner of Albert & Queen St.
Designed by Hall & Prentice (architects of the City Hall), it featured intricate plaster horse racing friezes by prominent sculptor Daphne Mayo on its Queen St entrance. These have been moved and now adorn the spaces above the doorways of the arcade’s shops. The club still operates from upstairs premises within.