During its original run as the Punters Club, it developed a reputation as one of the city’s premier live music venues, drawing comparisons to the likes of New York’s CBGB. It was also noted for its rough, alternative, yet casual atmosphere with audiences sometimes sitting on the floor while watching bands.
On 2 July 2024, it was announced that the building had been purchased by new owners, aiming to restore the former Punters Club name to the complex and create a space paying tribute to Australia’s 90s music scene, while restoring the exterior of the building to match the venue’s appearance in the 1990s. The new venue opened in August 2024. The new owners are revealed to be a consortium composed of Jet bassist Mark Wilson and several prominent Melbourne pub owners.
