Popular Melbourne live music venue and local band favourite Yah Yahs has officially been sold after been put on the market last month. However contrary to industry rumours that it was due to be snapped up by a restauranteur, an unlikely white knight, fellow live music venue Cherry Bar, has swooped in to snatch the prize.
“Two men walk into a Bar. And buy it! The deal is done,” announced Cherry Bar on Facebook this evening. “Today, Cherry Bar bought Yah Yah’s in Smith Street Collingwood. 60 day settlement.”
A long-term lease of 5 years was reportedly on offer to the successful bidder for 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.
Cherry Booker and co-owner James Young says, “We heard there was real interest from some restauranteurs in buying Yah Yah’s. Not on my watch! Melbourne needs every live music venue it has. Let there be rock…”
Former owners Andy Portokallis, and Jon Perring who also owns Melbourne music institutions The Tote and Bar Open, said that they were “wrapt to sell to like minded people and keep Yah Yah’s in the rock n roll family.”
The news owners have already announced that they won’t be changing the name from Yah Yahs, and that “most importantly… will continue as a respected Melbourne late night live music venue.” They also announced plans to take the roof off and creating an ‘inside’ open air rock n roll smoking area.
A free shuttle bus that runs between the two bars on Friday and Saturday nights all night has also been floated, where if you pay to enter and get a stamp at either venue you can get into both venues and of course ride the shuttle bus for free…
The news of the Yah Yah’s sale emerges shortly after two Melbourne music venues announced they’d be discontinuing live music. 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 just a few weeks ago, St Kilda’s The Espy, was put onto the market 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.
Pic is of Lazy Pete (Cherry) Jon Perring, Andy Portokallis and James Young toasting the preservation of the cherished Melbourne live music scene.
