The Charles family retained ownership of the original grant until 1900 when it was resumed by the NSW Government under the Observatory Hill Resumption Act.

During 1920 the land granted to William Charles was cleared of buildings, and by the end of that year, two new shop frontages were erected to replace the three previous ones.

Dove's 1880 plan of the area indicates that each lot had a building of roughly similar scale, with a two-storey frontage to George Street and a single storey rear portion.

[1] Captain Tench Arcade and site are of State heritage significance for their historical and scientific cultural values.

It retains its 1920s façade, and though the shop front was reconfigured in 1985 to provide an arcade through to Nurses Walk, many of the original elements were reused.

They provide a positive contribution to the historic George Street retail precinct in The Rocks, and the reconfiguration of the arcade in 1985 was sympathetically carried out and in no way detracts from the streetscape or the architectural feel of the original buildings.

The site has significant research potential as an archaeological resource, the underfloor deposits appear to remain undisturbed from the demolition of the 1862 buildings.

[1][3] Captain Tench Arcade was listed on the New South Wales State Heritage Register on 10 May 2002 having satisfied the following criteria.

Captain Tench Arcade and site are of State heritage significance for their historical and scientific cultural values.

It has historic and social significance by the strong associations with the early grants and subsequent developments on this site and within The Rocks generally.

The building provides evidence of endeavours to encourage planned development after The Rocks had been resumed by the Government in the early 20th century.

[1] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

The Captain Tench Arcade has historic and social significance by the strong associations with early land grants and the subsequent developments on the site and in The Rocks generally.

[1][3] The place has potential to yield information that will contribute to an understanding of the cultural or natural history of New South Wales.

The site has significant research potential as an archaeological resource, the underfloor deposits appear to remain undisturbed from the demolition of the 1862 buildings.

[1][3] The place possesses uncommon, rare or endangered aspects of the cultural or natural history of New South Wales.

The place is not considered to meet this criterion as it is typical of small scale commercial buildings constructed throughout Sydney in the 1920s, however it is unusual within the context of The Rocks.