This article is from the Australian Property Journal archive
MORE than $20 million is expected for a Chapel Street building in Melbourne’s Prahran that is home to famous nightspot Revolver.
The interconnected properties of 229 Chapel St and adjoining 24 Macquarie St have a total land area of 1,287 sqm and a building of 2,730 sqm leased to Revolver Upstairs and Revolver Lane.
Revolver Upstairs is one of Melbourne’s most frequented hospitality destinations, incorporating Colonel Tan’s Thai restaurant, and is one of the last remaining night club venues with a 24-hour liquor license.
Over 150 tenants use the 25 offices at the Revolver Lane co-working space venue which occupies the bulk of the premises, fronted by a Chapel Street espresso bar.
The expressions of interest campaign is being managed by Cushman & Wakefield’s Marcus Neill and Lukas Byrns, who expect interest from high end hospitality operators and commercial property investors and developers.
Both Revolver Lane and Revolver Upstairs will operate through their respective lease terms. The larger 229 Chapel St property is being offered for the first time since 1992. The 24 Macquarie St site offers opportunity for redevelopment and repositioning.
“Prahran is considered the most active and vibrant entertainment precinct in Melbourne and the long running success of one of Australia’s most well-known nightclubs is testament to its enduring presence,” Neill said.
“We’re expecting to see strong interest from a broad range of local and offshore purchasers, due to the potential income and redevelopment opportunities available, combined with the weight of capital and a lack of investment opportunities currently for sale in the Melbourne market.”
About 5 kilometres from Melbourne’s CBD, Chapel Street and surrounding areas are expected to benefit from the Melbourne metro tunnel and the Jam Factory and Prahran Square projects that are expected to drive increasing foot traffic.
