The Australian live music scene appears to be going through another period of flux.
While Sydney’s live music venues are set to face the introduction of tough new curfews and lockout laws next week designed to curb the rising incidents of alcohol-related violence and street assaults, despite strong opposition from Sydney’s bands and music community, Melbourne live music venues has been gifted with a raft of legislative reforms designed to cut red tape and protect venue operators from noise complaint issues. And they certainly could use the protection.
Recently, two Melbourne music venues announced they’d be discontinuing live music and earlier this week, St Kilda’s The Espy, was put onto the market for sale.
Now another Melbourne live music hotspot joins the iconic St Kilda venue on the market.
Fitzory’s late-night favourite Yah Yah’s has been listed for sale through Just Business Brokers, advertising the Smith Street venue’s 5am liquor license as a key benefit of the 250-capacity bandroom, as TheMusic reports.
“This joint oozes with class,” reads the property listing, noting Yah Yahs as “peerless and represents a rare business opportunity ” for its “massive commercial space within an old skool warehouse structure.” “This joint oozes with class… [it is] peerless and represents a rare business opportunity.”
A long-term lease of 5 years is being offered to the successful bidder, detailing the 400sqm property’s retro/grunge fit-out, bar and lounge, plus the “myriad of vast music themes and talent in Melbourne” it regularly showcases, turning weekly sales of $22,000 with an average $4,500 in profit.
Yah Yah’s current stakeholders – who purchased the venue in July of 2008 – tell The Music that it’s “business as usual” for live music at the venue while it is listed on the market. As the venue’s official website points out, Yah Yah’s hosts “bands and DJs every Thursday, Friday, Saturday and Sunday night” with the gig guide booked with performers through until mid-April.
According to Just Business Brokers, expressions of interest and offers on the venue close 28th March, while the venue’s future status as a live music venue is purely up to whomever claims the title of the Fitzroy pub.
The news of the Yah Yah’s sale emerges shortly after Collingwood’s Barley Corn Hotel announced it would be shutting up shop after some 140 years, in favour of transforming the pub into accommodation as a ‘sustainable financial option’ after an ongoing “uphill battle” with local council – likely similar to those that local Collingwood venue The Bendigo Hotel faced in a bitter council dispute late last year.
Despite also announcing its closure recently, Richmond’s Great Britain Hotel will be keeping its doors open and its live music flowing, according to its new owners, who stated “we understand the beauty of a historic pub with character and we are not about to mess with that.”
Additionally, St Kilda’s beachside Esplanade Hotel has also been put up for sale. Believed to be Australia’s longest running live music venue – at around 135 years of operation – the 1,752-capacity, 3am licensed hotel is being advertised as a “rare opportunity” on an online property listing.
Meanwhile, The Palace Theatre has once again come under threat from property developers after new, scaled back plans to raze the live music venue in favour of constructing a multi-million hotel and apartment complex have been submitted to City of Melbourne for approval, bypassing the Planning Minister’s office.
