New tenant secured for vacant riverfront restaurant
A NEW tenant has been secured for The Edge Bar and Restaurant on Rockhampton's riverfront, The Morning Bulletin can reveal.
A lease was signed late last month for the Victoria Parade premises, signalling a new beginning for the Singapore-based owners who have been locked in court battles with the previous tenants.
The Edge Bar and Restaurant closed suddenly in September 2018 and the building has remained empty since.
The previous tenants, which operated company Merlot Gordon Pty Ltd, filed for liquidation last year.
The Morning Bulletin exposed last month this liquidation had blown out to more than $2.5 million, including employee superannuation and secured and unsecured creditor debts.
The landlords filed a court claim for overdue rent and remainder of lease term for $1.35 million.
"It's been quite the process with the court action as well and the lease price went down a fair bit," Landlord Jordan Neo said.
"Looking back, it has been a rather unpleasant journey which we would rather forget.
"When we first bought the property from Ian Jones, it was a sell-and-lease back deal.
"We thought it would be a good retirement investment.
"We didn't expect it to be assigned out upon completion of the first year lease."
The overseas group of investors bought the building for close to $2 million in 2015, spending a further $1.9 million in fit-out.
"During the past months of vacancy, there have been offers to rent; but we are cautious," Mr Neo said.
"We do not want people rushing into business without adequate experience and financial backing.
"Though it has been a painful out-of-pocket maintaining the place, we hope the right party would come along."
The restaurant will support guests at The Edge Apartments with breakfast and dinner and a bar to unwind at the end of the day.
Mr Neo thanked Grant Cassidy, owner of the apartments, for his support over the years, along with Jonathan Offord from Knight Frank Rockhampton.
The new tenant will be revealed later this week.