Nonna’s Italian at Harbour Town shopping centre sold by Kanaghines brothers
An iconic Gold Coast Italian restaurant has been sold in a surprise move by its owners who have new projects in the works.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
AN ICONIC Gold Coast Italian restaurant has been sold by its enterprising owners, who were keen to get out while the going is good.
Nonna’s co-owner Sacha Kanaghines said the Harbour Town eatery he has shared with his brothers Damien and Ben for almost 15 years was bought on Monday last week for an undisclosed sum.
Mr Kanaghines will now turn his mind to building on the success of House of Brews at Surfers Paradise and Candyland lolly shop at the shopping centre.
“House of Brews is about to be granted a hotelier’s licence so we’re about to expand. A bottle shop, expanding upstairs with a rooftop bar there,” he said.
“We’re looking for the opportunity to roll the Candyland brand out as well.”
GET FULL DIGITAL ACCESS: $5 PER MONTH FOR THE FIRST 3 MONTHS
The brothers have also launched an investment fund, Pathways Venture Capital, which Mr Khanagines said provided advice and funding for entrepreneurs.
“It’s not an industry-specific fund, it’s a people-specific fund. We are looking for the right people to invest in.
“We are also creating a young entrepreneurs program for school-age budding entrepreneurs that we are kicking off in 2020.”
Mr Kanaghines would not reveal who bought Nonna’s, but said it was the right time to sell up “with the long lease and now that it’s been renovated”.
“We took the decision to look for other opportunities, we’re looking everywhere,” he said.
“We think we topped out in Harbour Town. There’s not much more we can do there. We saw the chance to get out.
“There’s a little bit of fear in the market, we believe. We see people leaving the market, businesses closing all the time.
“There’s tough trading conditions – but opportunities also. People aren’t going to stop eating, they’re not going to stop going out.”
He believed restaurants must continually evolve to stay “relevant” and “interesting” and was confident his other Coast ventures had a bright future.
More than 40 staff at Nonna’s will be retained by the new owners, he confirmed.
Founders first: Geoff Wilson bets on market leaders
The stock picker will put to test the notion that smarter investing is about backing the ones with skin in the game.
‘A special place’: How Iceland became a Gold Coast landmark
The Gold Coast’s sole ice skating rink was a beloved venue for decades and proved popular each summer as an escape from the omnipresent heat. This is its incredible 30-year story.