One of the dining jewels of Sydney’s inner west, hatted restaurant One Penny Red, is set to call time after a nearly 10-year run.

The Summer Hill restaurant, which opened in 2014, will serve its last spanner crab sourdough crumpet and artisanal gin on New Year’s Eve.

Co-owner Nina Alidenes says she and co-founders David Murphy and chef R.J. Lines felt the time was right to pull up stumps. After the trio decided not to renew the lease at the former post office, Alidenes says the landlord signalled he would sell the building next year.

The shelves are stacked with goblets received in the Wine List of the Year Awards (they also run Vernon’s wine bar upstairs), and under R.J. Lines’ watch in the kitchen, the restaurant has retained the prestigious chef’s hat award it first snared in The Good Food Guide 2020.

“We want to go out on top,” Alidenes says.

Despite awards and critics’ nods to dishes such as the cobia crudo spiked with horseradish and fennel seeds, it’s also the relationships with customers that Alidenes cherishes.

“Dining is never simply about the food. It’s about how you are served, the memories, the baptisms, the school reunions, the memorials, and when they tell you they’re having dinner here because it was their Mum’s favourite place.”

The trio has had its share of challenges over the years. “Yes, we’ve cooked without power,” she says. “Yes, we’ve had the water cut off on a Saturday night.”

Climbing interest rates have added further complexity. “It’s certainly one of the toughest years for trade, but even from an employment point of view, when I speak with other restaurateurs, just the amount of time you have to put into compliance is hard on small businesses,” she says.

“You need to be across human resources, liquor licensing, workers’ comp, and there’s the award [pay rate] system to navigate.”

Lines credits his team’s resourcefulness during the pandemic. “What the team managed to achieve during 2020 and 2021 with COVID-9 restrictions, lockdowns, takeaway craziness, reopenings and reinventing was incredible,” he says.

As a child of the inner-west, Alidenes, who worked in London and Melbourne and operated Manna in Petersham and Envy Cafe in Summer Hill before opening One Penny Red, is proud of the progress the area has made.

“It has to be one of the most vibrant and close-knit communities in Sydney,” she says. “It has become a destination.”

While she dreads telling locals the One Penny Red team is moving on, Alidenes is optimistic about the hospitality industry.

“After the staffing crisis of 2022 and the wobble no one expected in 2023, I’m really positive about 2024,” she says. Unfortunately, 2024 won’t include One Penny Red.

Last call will be on New Year’s Eve, Sunday, December 31. But before then, One Penny Red’s popular smoked beef short rib with apple and molasses glaze has returned to the menu and will stay until the closure.

They’re planning some “raid your cellar nights”, but the final service will be an invitation-only event for the restaurant’s family and friends.

2 Moonbie Street, Summer Hill, 02 9797 8118, onepennyred.com.au