That's the start of the north railway tunnel to New St station, with St Vincent St over the entrance archway. The site on the left is now open parkland, and the tower blocks in the centre are Galton Tower, Norton Tower, Crescent Tower and Cambridge Tower now (did they have other names earlier?), the one on the right is the Crowne Plaza Hotel (did that used to be a Holiday Inn?).
The N. I. A. was built over the tunnel and in this view would block off sight of the hotel. The photo was taken roughly where Lighthorne Avenue is now.