It would be the first time the venue, which also includes The Perch Nightclub and The Icon Bar, has changed hands since opening in 2001.

Publicity for the sale plays up the rare licensing privilege the venue enjoys.

“Other licensed venues are restricted to earlier closing time since The City of Greater Bendigo introduced a by-law preventing the issue of further late licences in 2008,” a press release says.

In the past 15 years, Bendigo’s nightlife has gradually concentrated itself in the same precinct as the Black Swan.

Co-owner Andreas Bazzani said he had “campaigned quite forcefully” early on for the precinct to become the central nightclub area in Bendigo. 

It proved a good business move – the only three 5am-licensed clubs are now in that area – and Mr Bazzani believes it contributed to a reduction of incidents involving drunk people migrating from other clubs further away.

Mr Bazzani said behaviour in his venues had improved markedly, especially since the introduction of the 2am lockout in 2007.

“What we experienced before the curfew (was) brawling, vandalism, bad behaviour and inappropriate behaviour towards females,” he said.

Education programs and awareness campaigns highlighting antisocial behaviour – such as the dangers of one-punch assaults – had helped create a safer environment within clubs, he added.

Assault and related offences on Bendigo streets fell from from 160 in 2008-09 to 115 in 2014-15, according to the Crime Statistics Agency.

During the same period, property damage offences on Bendigo streets fell from 195 to 132, while disorderly and offensive conduct offences fell from 424 in 2012-13 to 361 in 2014-15.

Local Area Commander Inspector Peter Greaney said Mr Bazzani, who opened the venue with his sister Alysia Bazzani, had got behind the Bendigo Liquor Accord, which had sought to improve safety in licensed venues.

Inspector Greaney had also noticed a decline in drunken behaviour in the CBD in recent years.

“Things are better, there’s certainly been a decrease in the number of assaults and drunkenness … that indicates that things are getting better,” he said.

Police, he said, wanted that trend to continue and would watch with interest who bought the Black Swan.

“We certainly vet any licensing applications – pretty strictly,” he said. 

“We recently had a matter where we rejected the application for a premises.” 

The venue is licensed to hold up to 799 people.