Ephraim Island’s sole eatery moves
EPHRAIM Island’s sole restaurant premises — formerly occupied by Artichoke — is up for grabs after the tenant upped sticks and moved to Sanctuary Cove.
It follows upheaval in the northern restaurant scene after three Hope Island restaurants closed down when their operating company was put into administration.
Artichoke owner Grant Madgwick has moved his restaurant to the Marina Village at Sanctuary Cove after four years based at Ephraim Island.
In the wake of his decision, the property’s owners, hotelier Philip Waller and wife Jeannie, have decided to sell the property.
The Wallers bought the strata-title property from developer Mirvac for $1.2 million in late 2006 and had input into the restaurant’s custom design.
Gerry Thibault, of NAI Harcourts, said that at the time of their buy, the Wallers applied for a hotel licence for the property.
“That licence allows the restaurant to have a bar and even to sell takeaway liquor.
“It also allows the operator to establish three off-site bottle shops within a 10km radius.” The Waller property has a floor area of 432sq m, as well as a full kitchen and a 120-seat restaurant. It includes a multi-function room for up to 40 people and a private meeting or dining room.
Mr Thibault, who is marketing the property with colleague Chris Louw, said the Ephraim restaurant benefited from having a ‘captive’ customer base — the residents of Ephraim Island’s 383 upmarket apartments and homes. “The residents of Ephraim, if they want to dine out, don’t have to leave the island.
“The restaurant also, of course, offers a unique dining option to people at Paradise Point and other nearby suburbs.”
Mr Thibault said there had been strong interest from Queensland buyers, including restaurant owners.
Expressions of interest in the property closes on May 31. Mr Madgwick did not return calls for comment.