Abacus collapse sees bank-turned-restaurant return to market
The collapse of Abacus Bar & Kitchen has returned one of South Yarra’s larger hospitality venues to the leasing market.
The converted Westpac branch at 383-387 Chapel Street, on the south-west corner of Elizabeth St, opposite Prahran Market – with its 644 bay car park – is available immediately.
It contains 445 square metres over two floors; the ground level is 335 sqm.
There is the potential to create an upper trade deck or activate the rooftop to maximise trading capacity, Emmetts’ Charles Emmett, who is marketing the building with James Rook, said.
The site spans 510 sqm with five car parks, also exposed to Barry Lane.
Prominent building and corner
Abacus entered voluntary liquidation earlier this year after opening in 2017 (continues below).
It was established by Dylan Whitmore, who repurposed the banking chamber into a café, restaurant and bar while retaining much of the building’s original double-height interior.
Mr Emmett said Prahran Market – actually in South Yarra – attracts about 2.5 million visitors annually.
He added the existing fit-out would enable another hospitality operator to occupy the premises immediately, although alternative uses, including a showroom, could also be considered.
The property is a few blocks from the Jam Factory, which a Gurner-led consortium is redeveloping with apartments, offices a hotel and revamped retail.
Bill McNee’s Vicland also just bought a major block in the area – 402-416 Chapel St – with plans for a 12 level residential-based mixed-use project, while the Siriani family’s Yale Investment Group last year acquired the ex-Chapel Street Huts site at #430-438 with plans for an office.
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