Deluxe Bar and Lounge - 1P4889
Stock Included: —
Stock Value: —
Years Est: —
Gross Revenue: —
The decor provides patrons with a wonderfully different vibe in each space, with ornate décor throughout the venue, which boasts 5 bars, 2 large main dance floors, exclusive lounge spaces, VIP areas, and the crowning glory, the open-air rooftop beer garden, the latter with a large retractable roof. The venue is an institution in the area and the go to place throughout the Spring Racing Carnival and for the after parties from the Moonee Valley Racecourse which is only 300m from the venue. For those in the know there is another entrance to bypass the crowds. The Rooftop can also be accessed on its own and has the potential to run independently as a separate business without opening downstairs at all.
A large commercial kitchen mainly caters for the Rooftop bar 10 hours a week and for the many large functions throughout the year, especially December. With an established clientele of corporate clients who host their large annual Xmas parties, there is a great base on which to build upon and exploit the opportunity to scale up the function side of the business, which is highly profitable. The Rooftop also has a takeaway food licence with an underutilised large commercial kitchen which could tap into the high growth Uber-Eats & other online food delivery market.
The venue hosts weekly nightclub nights, special events, live music and is extremely versatile with multiple spaces that can host different events and functions on the same night. During the Covid 19 restrictions the venue did extremely well as it was able to use its large capacity and multiple rooms to host consistent events even with social distancing in place.
The venue has a seven day late night on premises licence until 3am with a large capacity of 375. There are 18 years left on the lease made up of 3+5+5+5 and the rent for such a large venue is $2871 a week including GST. The landlord has given a 100% waiver in rent throughout the whole period that the Covid 19 restrictions are in place.
At the moment the venue is only open Friday & Saturday so there is scope to do many more days and hours. Deluxe Bar has no real competition in the area in size or licence. There are a very good set of numbers with the books and so the vendors are looking for offers in the region of $395,000 (Price Reduction) for this exclusively listed venue.