Top Adelaide restaurant Fishbank has closed due to cost-of-living crisis, plans for refreshed concept to open later this year
Another CBD venue has shut its doors, but there are already new plans on the horizon for its next big move.
SA News
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The cost-of-living crisis has been blamed for the closure of a landmark city restaurant – but there are plans to relaunch the venue with a new concept later this year.
Award-winning seafood eatery Fishbank Bar and Grill, in the heritage-listed building on the corner of King William St and North Tce, quietly shut its doors around Christmas.
Previously home to Jamie’s Italian, the acclaimed fine diner showcased arguably the widest range of seafood available on an SA menu.
Everything from caviar and oysters, to lobster, sashimi and fish burgers, were served up at the venue. Until last year, the kitchen was led by top Adelaide chef Tony Carroll, formerly of Jolley’s Boathouse.
But co-owner Joanna Chronis says Fishbank – opened in 2020 by Adelaide businessman Ed Peter and Singapore investor Richard Magides – started to struggle as the cost-of-living crisis gripped the state.
“Whilst we were awarded in our category, not having the large population of places like Melbourne and Sydney, a seafood-led restaurant (and) the sheer size of Fishbank made it difficult to sustain in an environment of high inflation and interest rates,” she said.
A series of Adelaide restaurants, bars and cafes have closed in the last 12 months, with the hospitality industry battling rising costs and reduced consumer spending.
Ms Chronis said that Adelaide diners are increasingly looking for more value when going out for a meal.
“What we experienced was the community that would typically dine in restaurants were trading down to gastropubs (for example), and those venues were losing patrons to lower end food outlets,” she said.
There are now plans to revamp the space and launch a new food and beverage offering, which Ms Chronis said would attract a wider range of customers.
“The offer (will) appeal to a greater audience showcasing the fresh food and quality this state is known for, with a strong focus on lunch and dinner,” she said.
“(We’ll look to) capture the business and arts community but still be appealing to families who will think of the new space – not just for special occasions but for any occasion.”
A post on Fishbank’s Facebook describes the new concept as “something fresh, bold, and unforgettable”.
More details will be released in coming months, and Ms Chronis expects the refreshed venue will re-open after winter.
Jamie’s Italian opened to much fanfare in the same space in 2014, and played host to celebrity guests including Kim Kardashian and Kanye West. But the venue ran into financial trouble just two years later when owners Keystone Hospitality collapsed.
Celebrity chef Jamie Oliver took over ownership of his Australian arm but that, too, went into voluntary administration in 2018 and the eatery stayed closed until Fishbank opened its doors.
Late last year, Mr Peter’s Duxton Asset Management and Mr Magides were said to be seeking buyers for the former Westpac building, which also houses rooftop bar and restaurant 2KW, and is home to office tenants including Rabobank, Morgan Stanley and marketing services firm WPP.
At the time, Duxton Capital chief executive Stephen Duerden said the group was approached about a potential multimillion-dollar sale of the CBD building after receiving interest but said they were ”not proactively looking” to offload the property.
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Originally published as Top Adelaide restaurant Fishbank has closed due to cost-of-living crisis, plans for refreshed concept to open later this year
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