Philip Johnson, one of Brisbane’s most successful restaurateurs, will relocate after failing to strike a rent deal with landlord Nick Malouf

CITY Beat can reveal the real reason Brisbane restaurateur Philip Johnson will relocate his E’cco Bistro to Newstead early next year.

E’cco Bistro operator Philip Johnson (right), wife Mary Randles and chef Simon Palmer (left).

UPPING STUMPS

WHY has one of Brisbane’s most successful restaurateurs decided to up stumps and relocate after more than 20 years in the same spot?

It boils down to one simple word. Rent.

News emerged this week that E’cco Bistro operator Philip Johnson plans to close his award-winning eatery on Boundary Street by the end of the year.

He’ll be moving to Newstead and reopening a new version of the joint in late January.

Now City Beat can reveal that Johnson didn’t really want to shift.

But after about six months of protracted negotiations, he couldn’t strike a lease renewal deal with his new landlord, well-heeled bizoid Nick Malouf.

Philip Johnson illustration by Tony Bela.

It’s understood that Malouf demanded a huge spike in the rent of about 10 per cent. Johnson stood his ground, willing to accept no more than a 4 per cent annual hike over the three-year term.

In the end, our sources say Johnson called Malouf’s bluff and did the unthinkable.

He walked away and has taken an equity stake in his planned new digs in the foodie enclave at the Haven apartment complex on Skyring Terrace.

Malouf, who acquired the E’cco site for $4.23 million in early 2015, downplayed talk yesterday that the two sides were at loggerheads.

“I thought we were very close to reaching an agreement,’’ he told your diarist.

Still to be sorted out is the fate of new furniture and fittings in the restaurant following a $150,000 renovation about 18 months ago.

Malouf, who owns quite a bit of real estate in the neighbourhood, hopes to get another operator into the space soon.

He predicted the area would power ahead, thanks largely to the looming redevelopment of the nearby Howard Smith Wharves.

128 YEARS YOUNG

SPEAKING of Malouf, he joined a small throng of prominent bizoids at James Power’s Norman Hotel on Wednesday for a very long lunch to celebrate its 128th birthday.

Among those downing the steaks and beer were Tatts boss Robbie Cooke, coffee kingpin Dean Merlo, Comet Ridge chairman James McKay, Crowe Horwath partner Ross Patane and Davidson Recruitment chief Peter Murphy.

Also spied enjoying the hospitality were BDO partner Damian Wright, Bloxsom Property Group supremo Jonathon Bloxsom, SSKB director Tim Sheehan and Wiley Group MD Tom Wiley.

Cooke had 240,711 reasons to raise a glass or three. That’s the number of Tatts shares he pocketed this week after exercising performance rights.

The fill up took his stake in the gambling colossus to just under 1 million shares, valued at $3.94 million at Wednesday’s close.

Meanwhile, Cooke and other investors will have to wait until the end of next month to see whether shareholders green light the $11 billion merger of Tatts and Tabcorp.

The vote, originally scheduled for yesterday, was delayed by court order.

AMAZON RISING

THE imminent arrival of Amazon has sparked widespread fear and loathing in the hearts of plenty of retailers.

But the results of a survey released yesterday found that nearly two-thirds of micro businesses see Amazon as an opportunity to grow.

Almost three-quarters of small online retailers think the American giant will not compete with them.

By contrast, just a third of our biggest retail operators are happy to welcome the new kid on the block, which has already registered more than 500 businesses to sell their products. Parcel delivery service Couriers Please carried out the survey, compiling responses from nearly 200 of their online retailing clients.

EDITING DEMONS

IT looks like the auto-correct demons have struck again. As a result of an editing error, an item in Wednesday’s column noted that Tom O’Driscoll works for CARE. In fact, he toils for commercial real estate mob CBRE.