The saloon opened in 1823, and the building soon also housed a subscription library, a newsroom, a savings bank, and a public dispensary, which was in the basement.
From 1828, the saloon housed the town's annual charity ball, its most prominent social event.
In 1910, the building was renamed as the Institute of Literature and Science, but it declined in popularity, and closed in 1935.
It is built of sandstone, with rustication on the ground floor; the roof is covered in Welsh slate.
The upper floors feature Ionic order pilasters, sash windows, and above them a frieze in which is inscribed "MECHANICS' INSTITUTION".