The special-occasion meal is a fraught thing for many diners and the food is only part of the equation. What are the other characteristics that set apart a restaurant that can rise to an anniversary, birthday or other milestone event?

If you find yourself facing such a conundrum, allow me to recommend Laura at Pt Leo Estate on the Mornington Peninsula. The restaurant, which closed last May after a fire and reopened late last year, has all the trappings of fine dining – caviar and truffles, wine list full of occasion-worthy bottles, table-side theatrics – amid a truly stunning setting.

Ensconced within the curved marvel that is the Pt Leo winery building, Laura would feel intimate were it not for the glass walls looking out over the sculpture park, rolling fields of grazing Black Angus, Western Port Bay and, in the distance, Phillip Island. Early in the evening during one of my visits, a double rainbow appeared across the bay, marking an almost ridiculous piling-on of beauty.

Culinary director Josep Espuga oversees all the food on the property, including at the more casual Pt Leo Wine Terrace, but it's in Laura's semi-open kitchen that you'll find him during service, executing a lavish, $275-per-person, nine-course degustation alongside his team.

Espuga brings his Spanish background (including a stint at world-renowned Mugaritz outside San Sebastian) to Laura's menu in ways that are occasionally subtle and often direct homages. That, plus dedication to the bounty of the peninsula, makes for a beguiling few hours.

You'll begin with a bowl of contrasting textures, a gazpacho with avocado, matcha and fresh wasabi – some of it almost frozen, some of it creamy, some of it crumbly, all of it refreshing and delicious.

Next up, a few stalks of white asparagus, topped with oscietra caviar and swathed in a cream made from Sydney rock oysters and a whiff of Laphroaig, which lends a subtle undertone of peaty smoke. It's a gorgeous dish in every way.

There's a direct nod to the Basque region of Spain – and perhaps the fish cookery at restaurants such as Elkano along the Bay of Biscay – in Espuga's rendition of Murray cod, cooked with such delicacy its soft flesh reminded me of the turbot I'd eaten in Spain years ago.

There are a couple of oddities on this menu that almost work, but not quite: the pastry made from local olives encasing smoked eel is a little tough, though the plating, with lemon aspen and a quail egg, is downright sculptural.

Espuga flambés lobster tableside ($75 supplement) using rum that doesn't quite burn all the way off, leaving an alcoholic richness that competes somewhat with the pure decadence of the lobster meat.

And a sorbet between dinner and dessert, made from tonic, cucumber and geranium, somehow distils all the bitterness of those three things into something that tastes more medicinal than refreshing.

But I appreciate the risks this chef is taking and, for the most part, those risks pay off. There's a lovely mole sauce under the Blackmore wagyu, complex but not too rich and a perfect complement to the deep meatiness of the steak.

For dessert, mochi comes in the form of delicate thin sheets, like flower petals, served with fig leaf ice-cream that tastes like floral coconut. Draped over fresh and liquid cherries, it sings of summer.

There are other elements that add to Laura's specialness. The service is warm and professional from the moment you enter the property and your meal comes with entry to the sculpture park as well as a premium cellar-door tasting: take advantage of both these extras after your meal if you're there for lunch or on another day.

But the main draw here is beautifully considered and plated food in a truly stunning setting. As the Mornington Peninsula becomes evermore a draw for those seeking occasion-worthy dining, be sure to add Laura to the top of your list.

Vibe: Formal dining with a sculpture park backdrop

Go-to dish: White asparagus with oyster and caviar (as part of a $275 degustation)

Drinks: Ambitious wine list, creative cocktails

Cost: $275 per person, excluding drinks, plus optional supplements

Besha Rodell reviews Pt Leo Restaurant

This review was originally published in Good Weekend magazine