Home of Chapel Street’s Revolver Upstairs is for sale
Marcus Neill • 27/02/2020
A unique opportunity to become the landlord of the iconic Revolver Upstairs is being brought to market by Cushman & Wakefield.
The combined site of 229 Chapel Street and the adjoining 24 Macquarie Street site in Melbourne’s inner-city suburb of Prahran is expected to fetch in excess of $20M.
Cushman & Wakefield’s Marcus Neill and Lukas Byrns are managing the private sale campaign which is expected to field a list of interested buyers longer than the Revolver queues on a Saturday night.
The two interconnected properties have a combined land area of 1,287 sqm and a net lettable area of 2,730 sqm and are fully leased to Revolver Upstairs and Revolver Lane.
Revolver Upstairs is one of Melbourne’s most frequented hospitality destinations, incorporating the much-loved Colonel Tan’s Thai restaurant, and is one of the last remaining night club venues with a 24-hour liquor license.
Revolver Lane is an upmarket co-working space occupying the bulk of the premises, housing 150+ tenants across 25 private offices and a boutique shared office space, fronted by a Chapel Street espresso bar. Both Revolver Lane and Revolver Upstairs will operate as usual throughout the sale process and their respective lease terms.
The larger 229 Chapel Street property is being offered for sale for the first time since 1992 and, together, the sites present the opportunity to preserve and enhance Revolver Upstairs’ tenancy while the 24 Macquarie Street site offers opportunity for redevelopment and repositioning. As a result, the sale is expected to drive interest from high end hospitality operators and commercial property investors and developers.
Located approximately 5 kilometres from Melbourne’s CBD, Chapel Street and surrounding areas continue to undergo a rejuvenation. These locations will benefit from ongoing infrastructure initiatives such as Melbourne’s metro tunnel and more locally, the Jam Factory and Prahran Square projects that are expected to drive increasing foot traffic.
Cushman & Wakefield’s Marcus Neill, Director of Middle Markets, said: “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. 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.”