A basement facility accessed by a flight of stairs beneath Swanston St., what is now Max Watts live music venue began its life as the Century Theatre cinema in 1940 until it closed in 1985. Laying dormant for a number of years, it reopened as Wall St nightclub in 1993, notably hosting the risqua gay night Tasty from 1995 after it moved from the Commercial Club.

It became the Hi Fi Bar in 1998, often featuring gigs from underground and Goth acts such as Filter and Fear Factory and then became Max Watts in 2015. As well as hosting live music such as Baby Animals and Lemonheads, it has been a Melbourne Comedy Festival venue since its Hi Fi Bar days, featuring American legends Janeane Garofolo, and Harland Williams as well as Dimitri Martin and Arj Barker.