Barangaroo Italian restaurant Bel & Brio has suddenly closed after failure to pay rent

Barangaroo Italian restaurant Bel & Brio has suddenly closed its doors after failing to pay rent.

Bel and Brio owner Mark Richerdson said he would not be going back into the restaurant business.

Luxe Italian restaurant and food emporium Bel & Brio in Barangaroo has dramatically had its doors locked after failure to pay rent, leaving customers and staff stranded.

The corner restaurant, which also includes fine dining venue Corso Brio, is owned by Mark Richerdson and has been a staple on Barangaroo Ave since 2016.

Last week, landlord Lendlease locked the doors of the venue after a dispute over rent.

Confirming the closure, Richerdson said up to $1.8m was owed in rent over two years, however he was “blindsided” by the closure.

“We’ve been in negotiations and mediations ... to get the fee to something reasonable however Lendlease had enough and pulled the plug and so they should have,” he said.

Barangaroo Italian spot Bel & Brio,

which is now closed. Picture: Tim Hunter.

“We were blindsided by the lockout but we were moving towards a decision of closing the business.”

Richerdson believes rent in the CBD as well as a work-from-home culture had made his business unviable.

“The city is not the same,” he said.

Meanwhile staff from the venue reached out to The Daily Telegraph, saying they haven’t been paid for weeks.

They claimed they were aware the business was in financial trouble but were scared to speak out because of how it would affect their visa applications.

Richerdson said he is working to get his 140 staff everything they are owed.

Mark Richerdson, owner operator at Bel & Brio.

“My hope is that someone will take over the venue and rehire the staff but if that doesn’t happen, we find another business for them to work with,” he said.

“It is a shame for staff but I’ve lost the most. I’ve lost 8 years and $11 million.”

The restaurant has now updated its website and closed its bookings until January 2023.

A statement from Lendlease, the developers of Barangaroo said any decision to end a lease early is “not taken lightly.”

“We value each retailer and they are always welcome to discuss their arrangements with us,” they said.

Bel & Brio's slow-cooked wagyu. Picture: Supplied

Barangaroo as a precinct has a 95 percent leasing rate. Over the weekend, over 25,000 people came out for its The Great Graze street activation.

Bel & Brio was one of the first restaurants to open in Barangaroo and, inspired by the food halls in Europe, it aimed to bring authentic and fresh Italian food to Sydneysiders. It has featured on best restaurant lists in the city and voted as one of the best restaurants for the monthly OpenTable. Diners’ Choice Awards in 2021.

Richerdson, who has other businesses in construction and redevelopment, said he will now find other business opportunities but not in hospitality.

“It’s called life. You win some, you lose some. But I will not get into the restaurant game again,” he said.