A man who took part in a dramatic armed robbery outside Sydney's Broadway Shopping Centre last week has been refused bail.

The 26-year-old who cannot be named for legal reasons made a brief appearance in Newtown Local Court this morning, charged with seven offences.

He is one of four men who staged the attempted robbery on an armoured cash van during the morning peak hour.

He and another man were arrested at Marrickville and Wentworthville late last night.

Police say they and two other men targeted the cash van on Bay Street in Glebe a week ago.

One man allegedly hit a security guard with the butt of a pistol, before taking his gun and trying to plunder the van.

The other man fired a shot into the air, piercing a glass awning at the shopping centre.

They then fled in a dark-coloured station wagon.

No money was stolen in the heist.

The 26-year-old didn't apply for bail and it was refused.

Police searched the man's home last night and allegedly found a loaded Glock pistol during his arrest and have further charged him with knowingly dealing with proceeds of crime.

Investigators say it is one of more than 200 guns smuggled in through Australia Post from Germany into Sydney by a group that was busted last year.

Police say the two accomplices are still on the run.

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