The building housing iconic Melbourne nightclub Revolver Upstairs is on the market, with owners seeking offers of $20 million. The Prahran property at 229 Chapel Street also contains Colonel Tan’s Thai restaurant and Revolver Lane co-working space.
A listing on realcommercial.com.au describes the opportunity as a compelling investment with options for redevelopment into a boutique hotel, high-end residential, hospitality, or commercial office space. However, long-term lease agreements are in place, ensuring Revolver Upstairs will remain operational.
Vendor Kurt Falkenstein confirmed the nightclub is not closing, stating the sale was planned before the COVID-19 pandemic and is unrelated to it. He emphasised that only a trusted buyer would be chosen as custodian of the building.
Revolver Upstairs is currently closed due to coronavirus restrictions but plans to reopen once allowed. The nightclub has hosted major acts like Fatboy Slim in January. The sale follows the listing of Collingwood venue Gasometer Hotel, though that involves only the leasehold.
