It was once the tallest building in Perth and a magnet for savvy shoppers, but for the last four decades the city's Bon Marché Arcade has sat in obscurity — until now.

The historic building from the late 1800s is on the cusp of renovation after being snapped up by new owners.

Dwarfed by modern office towers and mostly ignored by passers-by, the entrance into the dark, narrow arcade is like stepping back in time.

Many of the Federation features have been overlaid by a 1980s renovation that added faux art deco decorations, and the lift — installed in 1962 — is so old replacement parts are not longer available.

A number of the shop fronts are empty and the few tiny shops which are there — a travel agent, clock repairer and dressmaker — hark back to an earlier kind of shopping experience.

The dark, narrow Bon Marché Arcade attracts few visitors. ( ABC Radio Perth: Emma Wynne )

Time for rediscovery

But Carly Barrett, the creative director of Open House Perth, a free event that opens public and private buildings to the public, thinks the building is ripe for rediscovery.

Her offices are on the top floor of the Bon Marché and for the first time since founding the event in 2012, she is putting a space of her own on display.

"It can be a little bit scary downstairs, but we think that this upstairs is a little jewel.

The ceiling of Bon Marché Arcade with 1900s and 1980s detail. ( ABC Radio Perth: Emma Wynne )

"It was the first time I've ever put something in myself but the owners of the building were really keen to promote it to the public because it has a very important history within WA's early 19th century, after the original gold rush era.

"It was the tallest building in the city of Perth when it was built."

Fond memories

Despite its relative obscurity in the 21st century, in its heyday the arcade housed hundreds of small businesses and offices — some of which are still remembered by the public today.

"I was in an Uber a few weeks ago and turned out this office was actually once a dentist's surgery and the driver was telling me how he used to come up here to the dentist," Ms Barrett said.

"We constantly have people coming up looking for a jeweller that closed down 20 years ago, it's just really interesting."

A photo circa 1923 of the Bon Marché buildings as seen from the Town Hall tower. ( ABC Radio Perth: Emma Wynne )

How the 'magical' building came to be

The arcade and the offices above it were built in 1895 by a former convict Bernard Stein, who became a successful bookseller after he was transported to the Swan River Colony.

Just four years later, he sold to William Gordon Brookman who renamed it Brookman's Buildings, and added new buildings at the back and an extra storey at the front.

By 1900, Brookman was one of the largest property holders in Perth, a member of legislative council and the city's mayor.

He had made his fortune on the Kalgoorlie goldfields and when the upgraded buildings reopened in 1901 they were described as palatial.

But his success was short lived and in 1901 he was financially ruined by the collapse of the London Stock Exchange and had to resign the mayoralty and sell much of his property.

A clock repairer is one of the few businesses in the Bon Marché Arcade. ( ABC Radio Perth: Emma Wynne )

In 1919, Bon Marché stores — then a drapery and department store between Hay and Murray street behind the arcade — took ownership and joined the two outlets to create one T-shaped building.

Then in 1952, Bon Marché was taken over and rebranded by David Jones.

"It actually connected through to an original David Jones department store, it used to be a big link between the malls and the eastern part of the city," Ms Barrett said.

When David Jones closed in 1979, the foot traffic stopped and the Bon Marché Arcade sank into obscurity.

Poised for new beginnings

There's still evidence of past tenants in the top floor rooms at the Bon Marché Arcade. ( ABC Radio Perth: Emma Wynne )

New owners have recently acquired the building and Ms Barrett said she was optimistic about its revival.

"In just the space of the last few months that we've been here there's a lot more happening in the building which is really fantastic," she said.

A contemporary art gallery has opened on the first floor and the owners have announced plans for a heritage renovation.

In the meantime, she hoped people would get the opportunity to explore the old building in its current state.

"The lift is so old that they no longer made any parts for it.

The roof of the Bon Marché Arcade is popular with taggers and surrounded by new high rise buildings. ( ABC Radio Perth: Emma Wynne )

"It's also still got its measurements in pounds so that probably gives people a bit of an understanding about the era of the lift.

"[In the light well] you can see the old pulley systems and how they used to move things up and down.

"It's definitely seen better days and I know that the owners have submitted for a grant to the City of Perth for help to restore the building but there's something really magical about it, I find this very exciting."

The Open House Perth weekend is on November 16 and 17, and includes the ABC Perth studios.