Revolver nightclub building Australia’s most-viewed property
The chance to buy the building that is home to Melbourne’s renowned Revolver nightclub has sparked a frenzy on the commercial property market, with the Prahran property the most-viewed on Realcommercial last week.
The owners are seeking offers of more than $20 million for the iconic piece of nightlife history, which also includes Colonel Tan’s Thai restaurant and co-working space Revolver Lane on the ground floor.
While much of the interest is undoubtedly from current and former patrons, the four-level building at 229 Chapel St and 24 Macquarie St is being touted for its enormous potential as an investment, with multiple development and conversion options including a boutique hotel, high end residential redevelopment, hospitality, food and beverage or commercial office space.
Revolver’s operators have a long lease in place and reportedly plan to remain in the building.
Elsewhere in the commercial property market, the office and retail sectors are bouncing back strongly.
The lift in office interest has been most pronounced, with the number of properties featuring among Realcommercial’s most-viewed now approaching pre-COVID-19 levels.
Retail is also recovering, making up more than a quarter of the top 10 properties in each state, combined.
From new shopping centres to multiple live entertainment venues, here is the top property in each state.
SA – FAMED LIVE MUSIC VENUE
If you’re a fan of live music and reside in South Australia, chances are you’ve been to see a performance “Live at the Cumby”.
Now you’ve got the chance to run the show as well, with the Cumberland Hotel’s freehold and business both on the market for less than $1 million.
The sale will include the 150-year-old pub, which has seven bedrooms in addition to the commercial dining area, and its business with hotel and gaming licences.
The owners have also spent more than $200,000 revamping the pub over the past two-and-a-half years.
NSW – SYDNEY CBD PAIR A HUGE HIT
The chance to buy two neighbouring Sydney CBD buildings in one fell swoop is generating enormous interest, with the two properties on Castlereagh and Elizabeth streets the most-viewed in New South Wales over the past week.
The lucky buyer will secure 511sqm of prime CBD land and 2818sqm of net lettable area in Sydney’s midtown precinct, along with dual street frontages and the flexibility offered by two titles.
The buildings are being sold through expressions of interest, which close on June 20.
TAS – HOME OF HOBART GAY BAR ‘FLAMINGOS’
One of Hobart’s only gay nightclubs, the home of Flamingos Dance Bar is on the market.
And the popular nightspot won’t cost you the earth, with offers of above $1 million being entertained.
Having operated as a licensed venue for the past 10 years, the property spans 464sqm of floor space including a versatile ground floor with high ceilings, a large main room with both side and front access, toilets, offices, storage, commercial kitchen and bar facilities.
The first floor offers large function space, office area and additional toilet facilities. The property is being sold through expressions of interest.
QLD – ‘SET AND FORGET’ RETAIL
There’s little to do at this inner-city Brisbane property, which has a long-term lease to a camera retailer that returns $319,000 annually.
Leased to Camera Pro for five years, with an additional five-year option, the agreement also includes 3% annual rent increases.
For your money, you get a 931sqm block in one of Brisbane’s most desirable suburbs, with views to the CBD and future development potential, along with a recently refurbished, two- level retail/commercial building totalling 861sqm.
The property is for sale via expressions of interest.
NT – OFFICE SUITE CONTINUES STRONG CAMPAIGN
It’s been another big week for an office suite within this commercial complex at Parap, which has now been the most-viewed commercial property in the Northern Territory for three of the past four weeks.
With a longstanding tenant, a five-year lease with two five-year options, an annual income of $170,000 and a price tag of $2.2 million, the property represents a strong opportunity in a major office complex, with investors also attracted to the potential 7.7% yield on offer.
The property comprises 588sqm of office space, which includes six car parks, on the most prominent corner in Parap, north of the Darwin CBD.
WA – TENANTS KEEN ON REVAMPED SHOPPING CENTRE
Momentum continues to build behind the newly refurbished Ocean Reef Shopping Centre, north of Perth, with a number of opportunities to lease retail spaces within the soon-to-be-completed complex now available.
With the centre’s revamp expected to be completed this year, nine spaces ranging from 73.4sqm to a former 1231.5sqm supermarket site are up for lease.
Rents range from $36,000 plus GST to $270,930 plus GST.
The campaign continues the strong performance of leasing opportunities in the Australian market, with a number of future shopping centres featuring in their state’s top five in recent weeks.
ACT – SNAP UP A KIOSK NEXT TO ALDI
With Amaroo’s ‘Marquee’ development on the way to completion, here’s a chance to lease a prime retail space.
Positioned next to Aldi, the 25sqm kiosk is available for just $25,000 per annum and will benefit from its position near two supermarkets and other retailers, along with 100 apartments above in the same building and a school and childcare centre in close proximity.