It is an art deco style cinema and shopping arcade, designed by architect William T. Leighton for mining entrepreneur Claude de Bernales.

Originally constructed in the Inter-war Functionalist style, the Piccadilly represented the desire for enjoyment and entertainment displayed by Western Australians towards the end of the Depression.

[6] Bernales after completing the construction of London Court in July 1937 turned his attention to his property between Hay and Murray Streets.

[7][8] The theatre and arcade feature a number of bas relief friezes of dancing girls and 'Atlas type' figures which were moulded by Perth sculptor Edward Kohler.

[6] In 1983, the owners Australian Fixed Trust (Permanent Trustee Nominees, Canberra) made a decision to restore Piccadilly Theatre and Arcade, and it was closed for refurbishment.

The A$2 million refurbishment won the Royal Australian Institute of Architects (WA Chapter) 'Architecture Design Award for Renovated Buildings' in 1986.

[1] Following the refurbishment, Piccadilly Theatre and Arcade was purchased for a reported $9.9 million by Alister Norwood, founder of Jeans West.

Malcolm Leech then took over the lease, and converted a section of the disused stalls into a small cinema, making the Piccadilly into a twin screen, seating 443 and 165 respectively.

[14] The last film screened to a paying audience was part of the Fringe World show, When God Met Satan, and was directed by Levon J Polinelli.