The philosophy of the Element Lounge located in Melbourne's CBD is grounded in the Chinese concept of the five elements - fire, wood, metal, water and earth. This belief is put into practice with the use of natural materials throughout the venue. The ten-meter long concrete bar is particularly impressive submerged in a basement location, surrounded by concrete, wooden shelves, bamboo cuttings, cut glass, and laser cut steel. However, it's not all rough, finding comfort from the luxurious leather couches, stools, ottomans and soft padded wall panels scattered around the lounge bar. There are four themed seating areas, two private rooms and a kitchen.
The venue has a 3am licence with a capacity of 230. It only operates on a Friday and Saturday at the moment as the owners have other jobs. So the venue has great potential for other nights and increased revenue. For the new owner there is a long lease of 16 years and a low rent of less than $2k a week and this especially important as it includes all outgoings.
The present owners have had the venue for eight years and are looking to concentrate on their other business so the venue is well priced at $250k.