Designed by Charles Webb, who won a competition in 1868, the arcade features a high glass roof and rows of arched windows to the storerooms above each shop. At the south end is the arcade’s most famous feature, the carved mythical figures of Gog and Magog, flanking Gaunt’s clock, which triggers the arms of the figures to strike bells each hour, while the north end features a figure of Father Time, all added in 1893.
The arcade originally ended at the south with an entrance to a Turkish Bath, but was opened up to Little Collins Street in 1902, along with the creation of the large arched niche, the same year as the Elizabeth Street extension. The arcade changed little over the years except for the shopfronts, altered into bow fronted windows in 1890-1894, many then altered again over the years, various central kiosks, and the black and white chequered floor added in 1934.
In 2002-04 a major refurbishment repaired and restored many historic features, including the recreation the 1894 shopfronts, bringing a consistency to the shopfronts once more.