Dracula’s cabaret venue a once-in-30-years opportunity

The former home of Australia’s longest-running theatre restaurant, Dracula’s Caberet Show & Dinner in inner-city Melbourne, is to be sold for the first time in almost three decades.

The iconic venue, which is preserved today almost exactly as it appeared during its 37-year-run as a popular entertainment destination, is on the market, giving buyers the opportunity to reinvigorate it or take it an entirely new direction.

During its time as Dracula’s – the last 28 years of which it has been owned by cabaret stalwarts the Newman family – the property was a lynchpin of Melbourne’s live performance scene, only closing its doors for the final time in December last year.

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Shortly after closing, the owners hosted a unique ‘garage sale’ on-site, which allowed fans of the live theatre experience the chance to buy their own piece of Dracula’s history.

Dracula’s is at the corner of Victoria and Cardigan streets.

The property, at the corner of Cardigan and Victoria streets in Carlton, features the theatre, multiple access points, a full line commercial kitchen and an activated rooftop, in addition to a late night liquor licence.

Wizel says that while the venue is certain to hold appeal for hospitality operators, it is also highly likely to be sought after by developers.

The venue looks almost exactly the same as it did in its operational days.

“Given the significant appetite for prime Carlton landholdings and the building’s ideal corner position, we expect the sale campaign to generate significant interest from student accommodation and residential developers,” Wizel says.

“The property would suit a variety of long-term uses, given the genuine potential for additional levels to be constructed upon the existing building or a complete redevelopment into a much larger building in the future, subject to relevant planning approvals.”

The property is likely to be popular with developers.

On a 480sqm block, the building in its current form has 900sqm of floorspace. It is offered with vacant possession and is for sale via expressions of interest, which close on May 17.