For almost two decades, the Savoy Tavern has been the unwelcoming doormat to the millions of visitors arriving at Southern Cross Station.

The once popular watering hole for rail and postal workers is a boarded up monument to decay in the west end of the CBD.

No more. The building's owner, Mark Rowsthorn, and his business partner, Sam Daish, plan a $400,000 refurbishment by the end of the year and hope to again make the Savoy Tavern a popular CBD bar, serving food and drinks and providing an events space for many of Melbourne's cultural festivals.

''It won't be the next super gastro pub, it will be a simple pub - tap beer and good food at a respectable price,'' Mr Daish said. He said they considered themselves ''custodians of the site'', and wanted to bring life back to one of Melbourne's most noticeable addresses.