Home of Melbourne’s iconic Revolver nightclub up for sale
Melbourne’s iconic Revolver nightclub building in the heart of Prahran has been put up for sale.
Owners are seeking offers of more than $20 million for the slice of night-life history and pillar of the scene, which also includes Colonel Tan’s Thai restaurant and co-working space Revolver Lane on the ground floor.
Cushman & Wakefield director Marcus Neill says he cannot comment on the lease terms with tenants Revolver Upstairs and Revolver Lane, which occupy 229 Chapel St and the rear building at 24 Macquarie St.
“But there is a long lease in place …. the tenants plan to remain and look forward to reopening once restrictions are lifted,” Neill says.
“The rear building could at some stage be redeveloped into a boutique hotel or office …. You could also put another two storeys above it.”
The agency relaunched the sale today, after a short-lived expressions of interest campaign just before COVID-19 hit.
Vendor Kurt Falkenstein, who also runs co-working space Revolver Lane, says the tenants “had secure long-term tenures” before the buildings were put on the market. Terms of the leases are confidential.
“We wanted to make sure buyers understood that Revolver Upstairs is an important part of Melbourne’s identity and something we want to preserve and enhance,” Falkenstein says.
“As a fellow tenant, we also will continue to occupy the premises.”
Falkenstein’s family bought into the buildings two years ago, after renting space for Revolver Lane since 2014.
He says the decision to sell with the other owners was to find a buyer who could bring “the whole property up to its full potential”.
“It’s a big job and I just don’t have the experience,” he says.
Neill says the company has recorded virtual inspections for foreign buyers, including investors in Singapore and Hong Kong, who are unable to visit Australia at the moment.
It’s possible the building could be converted into a boutique hotel or different hospitality venture once lease agreements with the Revolver companies end.
The original building, The Colosseum, was rebuilt in 1914 following a fire and it has since been heritage listed.
In 1992, it was first launched by the vendor as Revolver Music Gallery before being converted into the now-renowned nightclub five years later. It’s one of few remaining 24-hour liquor licenses in the city.
The co-working space below the club has been open since 2012.
News of an impending sale has sent shockwaves through the music and entertainment industry, which has been hard hit by coronavirus restrictions.
A leasehold for The Gasometer Hotel in Collingwood is also on the market and agents expect hospitality venues could be in trouble once the moratorium on evictions is lifted.
The Herald Sun has contacted Revolver Upstairs for comment.
This article from The Herald Sun originally appeared as “Revolver for sale: Chapel St, Prahran building housing iconic nightclub on market”.