The former Desmond, Dunne and Dwyer building is being transformed by business partners Mark McIlroy, Shahne Wilkinson, and Jann and Brian Atkins into an intimate speakeasy featuring wood-fired pizzas, a charcuterie and a fromagerie.

Renovations on the building started at the beginning of January with the owners hoping part of the venue will be open for the May Racing Carnival.

"We'd been looking for a couple of years for the perfect place to house the vision we'd been building," Mr McIlroy said. "There's room in the Warrnambool market for something like this.

"It will be something completely different, the total experience; locally-sourced food and wine from the region, all at an affordable price."

Frolic Lane will feature a 120 square-metre undercover outdoor area, private rooms hosting between two to 40 patrons and premium wine and cocktails.

The two-storey building operated as a law practice for a century.

"Downstairs is the reason why we took it over," Ms Wilkinson said. "The idea is that each room has a different theme.

"The sandstone had been painted over and we've stripped it back to its original form. We couldn't keep the floorboards but we'll use them to make the table tops. We want to get professional light technicians in to create the right ambience for each room.

"We have the same vision as the owners of the building - to keep the integrity of the building and restore it to its former glory.

"We want to bring the building back, keep the history of it alive and showcase what it's got. It will be amazing."

Throughout the building original features including fire places, mantels, stained-glass windows and money safes are being restored.

Designing Spaces are the architects behind the project and Mr Atkins' BA Building Services will handle the construction.

The venue will also cater for live music and outsource catering for larger events.

"Our dream date for opening the outdoor area and downstairs is Easter and upstairs will happen later in the year," Mr McIlroy said.

READ MORE: Bar proposed for former Warrnambool law firm site: https://www.standard.net.au/story/7080372/new-bar-proposed-for-historic-city-building/

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