This is The Royal Vaults pub at the top of Cross Cheaping, from there towards the camera is Broadgate.
A closer view makes it easier to see the “CELEBRATED BURTON ALES” sign. Walking to the right at that sign would, in a few yards, bring you out into the Spicerstoke area with the top of Butcher Row at your left.
In the Spicerstoke with the Derby Lane entrance at the left and in front, to the right, the rest of that “CELEBRATED BURTON ALES” sign.
This view, above, gives a better angle into the passage. The much older engraving, below, reveals even more, showing a view inside the passage and a building that seems to be on the corner of Butcher Row/ Spicerstoke.
Below, the red line shows the present day ground position of the side of the Royal Vaults pub, next to what is now Primark (if i’d used a 2015 shot from this position the shopping centre would be blocking the view). To the right of the line would have been the top of Butcher Row.
The pub’s names over its existance were:
The Board Vaults
Royal Wine and Spirits Vaults