Balmain's Institute Arcade going under the hammer

Sydney's Institute Arcade at 332 Darling Street, Balmain has been listed for sale.

The tenanted building has nine shops, five suites and a penthouse. This year, it will gross $527,838, plus GST. Current tenants include Alegrias, a Spanish tapas restaurant, and a hairdresser.

Its penthouse has three bedrooms, with city and harbour views.

The Institute Arcade was designed by architect Edward J Bowen to house the Working's Men Institute, which was established in 1965. Construction began on the building in 1887, and it was completed in 1896, reportedly for £6,000.

At the time, the building held a 400-seat lecture hall, a billiard hall, a library, a chess room and a reading room. According to Leichhardt Council, by 1912 the Institute, which aimed to 'improve the education of working men and instruct them in the trades', had 700 members.

Since then, the building has housed the Balmain dole office (during the depression), entertainment venues, and now a mix of offices, retailers and restaurants. Its interiors, renovated since its construction, are reminiscent of the building's history, with moulded arches and a tessellated tile floor in the building's foyer.

The building is currently zoned B2, for mixed residential and commercial use. It has 929 square metres of floor space, on a 645 square metre plot.

The Institute Arcade, being marketed through Steven Zoellner of Laing + Simmons Double Bay and Sonia Leal of Niche Portfolio, will be auctioned on 7 April.