$2million-dollar restaurant lies vacant after shock closure

Singapore investors bought the property in 2015, spent a further $1.9million on fit-out

The new look Edge.

IT HAS been more than six months since The Edge Restaurant and Bar unexpectedly closed their doors however the river front space still remains empty.

Little notice was given to the customers, with a notice put on the doors on the Friday saying they would be closed after the next day, Saturday September 1.

The business is owned by a Singaporean group of investors who bought the restaurant and bar space for close to $2million in late 2015.

It was also previously reported that $1.9million had been spent on the fit-out of the bar and restaurant.

Business owner Jordan Neo spoke to The Morning Bulletin and said they are confident they will see new tenant soon.

"We have reduced our asking rent substantially to $130,000 per annum," he said.

"In addition, we have also created flexible leasing arrangements to make the place appealing to smaller operators."

He said the restaurant is in a superior location, within the heart of the hotel belt and enjoys walk in guests.

"Being on a raised setting, it has a nice river facing and serenity," he said.

"It has an undeniable proven track record of being successfully operated as a bar and restaurant over a long period of more than ten years.

"We bought it on the basis of its additional attribute and differential advantage as an established restaurant business enjoying the flow of business through its room service to the hotel guests of The Edge Apartment Hotel.

"We believe the good business sentiment in Rockhampton supported by positive growth, would further boost momentum for its future business."

The Edge Apartment Hotel was enjoying an average occupancy of higher than 70 per cent when the restaurant was in operation.

According to the previous operator, the hotel guests charged an average of $400,000 per year to the restaurant before it closed. This did not include the other sales proceeds from walk in guests.

"This is a tremendous support for an operator, not to mention the other walk in diners," Mr Neo said.

The restaurant and bar space is located on the ground level of The Edge Apartment Hotel, which is owned by The Cassidy Group.

Mr Neo mentioned the two businesses would like to collaborate with a potential operator to offer meal packages for hotel guests.

The restaurant is purpose built and fully equipped with cold rooms and a bar in a modern layout and decor.

They are open to two operators for the bar and restaurant each.

"Alternatively we also welcome an operator taking the entire place with the benefits of being able to grant subleases to a bar and restaurant operator," Mr Neo said. 　

FOR LEASE

The Edge Restaurant and Bar

• 102 -108 Victoria Pde, Rockhampton City
• Fully-fitted out with modern decor, commercial kitchen, restaurant and bar
• Potential for two leases - bar and restaurant
• River front views and outdoor seating
• Solid patronage from hotel guests and walk-in traffic
• Ready for immediate operation
• Phone Brian Geaney on 0407 123 987

Originally published as $2million-dollar restaurant lies vacant after shock closure