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IT will be a case of Cowboys and Indians after one of the city’s best-known restaurant sites has been snapped up for a new venture.
The former Michel’s site in Palmer Street has sold for just over $1 million to the operators of the Masala restaurant, who trade at the other end of Palmer Street. Dhaval Chaudhari said the Michel’s site was in the centre of the action and close to the new home ground of the North Queensland Cowboys.
“We trade a good business at our other site because people know us. But I think it’s going to be really good to come from there into here,” he said.
“There’s the new stadium and whenever games are on, people are going to be here.”
Mr Chaudhari and his brother Chetan have operated the Masala since 2012.
They had some reservations about proceeding during a coronavirus pandemic but decided the timing was good, that buying was better than renting, and that this was a good long-term investment.
“If you look at the rents in Palmer Street, the rents are more expensive than buying the building, especially considering the interest rate is very low. We are going to be here long term,” Dhaval Chaudhari said. The brothers will refurbish the building, are buying new kitchen gear, tables and chairs, and will open a modern Indian restaurant with brighter decor but where you still “don’t have to have it hot”.
Colliers International associate director Angelo Castorina said Masala would be good for the street.
“Palmer Street in the last couple of years has waned in terms of activity. What Masala is about to do is inject new life into the street,” Mr Castorina said.
Colliers senior executive James Pascoe said it was interesting to see the next generation of restaurateurs coming through and not letting COVID-19 get in the way. “Maybe a lot of people are sitting at home and wanting to get out and Masala will reap the rewards,” Mr Pascoe said.
He also said that a vacant 759 sqm property at the rear of the restaurant, fronting Mcilwraith St, was still for sale. the
TONY RAGGATT 4722 4439