Dance till dawn: Legendary late-night Melbourne institution Revolver going under the hammer

The home of one of Melbourne’s most iconic nightclubs has been listed for sale with a $15 million-plus price guide.

The Chapel Street property best known as the home of nightclub Revolver Upstairs is going to auction next month, and has already sparked a wave of interest among investors hoping to snap up the storied venue.

Occupying a 1286sqm site at 229-231 Chapel Street and 24 Macquarie Street, Prahran, ‘The Revolver Buildings’ include not only the iconic nightclub locals have affectionately dubbed ‘Revs’, but also a co-working and retail space and popular restaurant Colonel Tan’s Thai Kitchen.

The nightclub has earned a reputation as one of the nation’s most notorious and beloved late-night venues, thanks to its rare 24-hour liquor licence allowing for marathon weekend sessions.

The building housing the legendary nightclub Revolver Upstairs, popular restaurant Colonel Tan’s Thai Kitchen, as well as co-working and retail spaces, has hit the market with $15 million-plus expectations. Picture: Supplied

The eclectic venue has played host to countless local and international artists including Fatboy Slim, Fred Again, Carl Cox, The Avalanches and The Presets.

Tales abound of the absolute ragers the club has hosted – some of the more tame, unconfirmed reports of shenanigans include the release of a live turkey and a crowd-surfing couch.

The club kicks off after dark on Fridays and runs through to midday Saturday, when bleary-eyed patrons emerge into the sunlight as the venue closes for a few brief hours. 

It reopens again at 5pm and stays open until the doors close at 9am Monday, when the last clubbers remaining face the stark reality of their choices in full view of commuters on their way to work.

In addition to the nightclub, the building also houses restaurant Colonel Tan’s Thai Kitchen. Picture: Supplied

The property has a total floorspace of 2730sqm over three levels, which includes the nightclub, restaurant and Revolver Lane, a co-working space known with more than 30 tenancies including creative studios, offices, event spaces and retail.

Also included is a large loft above the nightclub that was the home and studio of Revolver founder and Thai pop-star Tan Punturaumporn, who is returning to Thailand to pursue charitable works, prompting the auction.

Long-time building manager Kurt Falkenstein said Revs had become deeply woven into the cultural fabric of Melbourne, and preserving the cultural and community value of the property was central to the sales process.

“Whether you are a local or visiting from overseas, Revs is one of those places that connects with everyone that passes through it,” he said.

“The vendors are looking for a new custodian who understands this cultural value and have chosen to auction the property to highlight its energy and status as a functional work of art.”

The Loft is among many spaces available for hire in the 111-year old building. Picture: Supplied

The sale is being headed up by Sean Cussell of Christie’s International Real Estate and JLL’s Josh Rutman, Jesse Radisich and Will Connolly.

Mr Cussell said it was a highly flexible property, with strong interest expected from local and international investors and institutions.

“Opportunities to acquire a trophy property of this stature, with both strong income and extraordinary legacy, are exceptionally rare,” he said.

Co-working space Revolver Lane includes more than 30 separate tenancies. Picture: Supplied

Mr Rutman said there was already a high level of enquiry for the property, which he described as a unique asset with demonstrated commercial performance and long-term potential.

“Investors are being offered a landmark landholding with a strong leasing profile today, as well as the flexibility to consider a range of future use cases as the Chapel Street precinct evolves,” he said.

The City of Stonnington recently green-lit the Chapel Street Precinct Improvement Plan to drive visitation and improve safety and amenity.

The ongoing multibillion-dollar redevelopment of the nearby Jam Factory by Gurner and Qualitas is expected to be a catalyst for further development along the popular retail, dining and entertainment strip.