Is it the Royal or Morgan Arcades? (the flags look like the Morgan Quarter logo).. if so, never noticed that the upper floors of those buildings were so beautiful. Helical Bar seem to have done a lot of work on those arcades.

It's above Royal Arcade. Helical Bar have done a lot of work to restore the Hayes and the St Mary Street frontages to something like their former glory. The Hayes buildings in particular have been very well restored - if you remember when David Morgan was there their livery was spread over all of the various buildings and it looked quite tatty.

They have done a fair bit of work on the St Mary St elevations although I think it's a harder task to create uniformity or re-create the traditional ground floor appearance. If you look closely the shop fronts over the Morgan Arcade entrance stretching to where the Oxfam shop was have a brass surround on the ground floor which looks art deco-ish and if restored properly would be very attractive. The former Oxfam/Toni and Guy units have more traditional wooden shopfronts.

Morgan Arcade has also been very beautifully restored and is probably the most 'complete' of the arcades in terms of the uniformity and quality of it's finishes. By contract Royal Arcade looks quite tatty and apart from a new glass roof they haven't really touched it although conversely it always seems a lot more vibrant.

Another photo of the arcade can be found here http://cardiff.gov.uk/content.asp?nav=2868,2965,6624,6678,6719&parent_directory_id=2865