Entertainment expansion on cards as Revolver nightclub site listed for $15m+

The Revolver Buildings in Chapel St, Prahran, are scheduled to be auctioned on November 14.

The home of Melbourne’s iconic Revolver Upstairs nightclub could see further expansion as an entertainment precinct amid a Chapel St renaissance.

The owners of the heritage-listed building are looking to offload the Prahran landmark that’s been a mainstay of the city’s night-life scene since 1997.

They’re seeking upwards of $15m for the 1287sq m Revolver Buildings site, which attracted more than 30 inquiries within a day of hitting the market.

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The loft lends itself to many different uses.

Joint listing agent Christie’s International, Victoria agency principal Sean Cussell said the level of interest reflected the scale and scarcity of properties of this calibre.

He said as well as the attraction of the established Revolver brand, buyers recognised the potential to further expand commercial offerings in the Victorian-era buildings fronting 229-231 Chapel St and 24 Macquarie St, Prahan.

The sale coincides with several new revitalisation projects at the epicentre of Chapel St, including the Cecil Place Precinct across the road.

“There are numerous potential uses and it may well be that there’s future consolidation along Chapel St with adjoining owners,” Mr Cussell said.

“That particular pocket of Chapel St is undergoing a renaissance. Directly opposite the Banco Group is doing a major development and they are very astute developers.

“With Tim Gurner’s development at the Jam Factory, which is proving to be highly successful, Chapel St is definitely getting renewed interest from investors and developers.”

Colonel Tan’s Thai restaurant is one of the most prominent tenants.

Office breakout spaces inside the Revolver Buildings.

The internationally renowned Rev’s nightclub, which has a rare 24-hour liquor licence, and its Colonel Tan’s Thai restaurant are the most prominent tenants of the Revolver Buildings.

They occupy about one quarter of 2686sq m internal lettable area at the site spread across two separate buildings.

The property also includes more than 30 other commercial tenancies ranging from reactive studios to offices, retail and a coffee bar, as well as large loft above the nightclub with 9m ceilings and views over the city.

Building manager Kurt Falkenstein said the double-height space had been the long-time home and studio of Revolver founder and Thai pop star Tan Punturaumporn.

The devout Buddhist’s permanent return to Thailand to pursue charitable work has prompted the owners to list the property.

Communal spaces are celebrated throughout the buildings.

The property includes a courtyard.

JLL’S Josh Rutman, Jesse Radisich and Will Connolly are have been appointed joint listing agents ahead of the November 14 auction.

Mr Falkenstein said they hoped to find a buyer who would continue to act as custodian of the Revolver brand, which was part of Melbourne’s cultural fabric.

“Revolver started as a music store and band rehearsal room and then the club opened in 1997,” he said.

“You have got nearly four decades where people have been coming to the building, whether that is playing in bands, rehearsing, DJing, enjoying themselves, there’s a huge amount of connection to the place.

“You would imagine there would be hundreds of thousands or a million people who have passed through the doors … everyone has got at least one Revolver story.”

Snoop Dogg, among many big names performers to visit the nightclub, arrives at Revolver Upstairs.

He said despite taking a hit during Covid, the Revolver Buildings had “got its groove back” and was now a thriving, fully-leased creative, co-working and events hub.

The landmark property, originally built in 1914, forms part of the heritage-listed Colosseum building which has previously operated as a department store, parachute factor and bakeries.

It sits at the epicentre of Prahan’s Chapel St precinct, between High St and Malvern Rd.

JLL head of capital markets Josh Rutman said he expected to see significant local and offshore competition.