Jade Buddha’s Gary and Phil Hogan last tenants standing at Eagle St Pier

The owners of the popular Jade Buddha at Eagle St Pier vow they could hold out for a year as the only tenants of the soon to be demolished waterfront venue. WATCH THE VIDEO

In keeping with the name of his business, Phil Hogan is being very Zen about his predicament in the now deserted Eagle St Pier.

In what can only be described as Mexican standoff with property giant Dexus, Hogan and his brother Gary, who run the popular Jade Buddha, are the last remaining tenants of the soon to be demolished and redeveloped Eagle St Pier.

Phil Hogan tells your diarist that he is still paying rent on the restaurant and until he receives a valid notice to quit he is not going anywhere.

“We could be here this time next year but at the same time we could be given notice to quit tomorrow,” says Phil Hogan. “We are just taking every day as it comes.”

Both Hogan and Dexus have declined to comment on the situation that has seen all other tenants including the Coffee Club, Fatcow Steak and Lobster, George’s Paragon and Mr & Mrs G Riverbar vacate in recent weeks.

But City Beat understands the restaurants that closed their doors had newer retail tenancy leases allowing them to be given their marching orders more easily.

Jade Buddha by contrast has a lease dating back almost 20 years and because of its larger footprint is not covered by retail tenancy laws. Provisions in the older lease may in some way have complicated the process of giving the Hogans notice to quit.

Jade Buddha co-owner Phil Hogan

“For us it is business as usual,” says Hogan as he surveys the empty pier. “We have paid our rent for July and August. We continue to take bookings and until we receive a valid notice to quit we will not be leaving.”

Complicating matters is the high-stakes legal battle being waged between Dexus and Bloomberg Corp’s Riverside Development, which owns the mixed-use Riparian Plaza tower next to Eagle St Pier.

Riverside Development is taking Dexus to court over the $2.1bn proposal claiming it will negatively impact the amenity of Riparian Tower. Riparian, which includes apartments owned by some of the city’s wealthiest residents including Sarina Russo, is the only property adjoining or in the vicinity of the redevelopment site not controlled by Dexus, which hopes to erect two new skyscrapers as part of its “Waterfront Brisbane’’ masterplan.

Opponents claim the first new tower will be only 14 metres away from Riparian Plaza when council regulations say it should be at least 18 metres. A judgment in the case is expected later this year, after which the fate of Jade Buddha will become clearer. However, a big loss for Dexus could throw the redevelopment plans into doubt.

Fatcow at Eagle St Pier

Hogan’s determination to stay open is not surprising if you consider his career before he became a restaurateur. Before going into business on his own, Hogan was executive director at ASX-listed property firm Koala Corp. “I think they (Dexus) are used to dealing with chefs,” he says. Hogan is realistic enough to know that he can’t hold out forever and is already thinking of his next venture. “Jade Buddha has been great but we will not be opening another Jade Buddha,” he says. “And if we do plan something it will not be in the CBD – the CBD is always the hardest hit.” Covid-19, floods and now the threat of demolition has had a big impact on all hospitality businesses in the CBD.

The pier in its heyday had been the scene of billion-dollar business deals and visits from a bevy of Hollywood stars but is now a shadow of its former self with the crowds replaced by empty tables and chairs on the previously bustling foreshore. Morgans chairman Tim Crommelin says the pier experienced the peak of the business lunch era.

“Lots of business was done there,” Crommelin says “The business lunch has declined something recently but hopefully the redeveloped pier will be just as popular.”