Eatery on the brink

Liquidators called in

A COMPANY which operated a modern restaurant and bar in Palmer St, closed since the Covid-19 pandemic emerged in March last year, is to be liquidated.

The Waterfront Townsville has top quality finishes and fittings and beautiful views over Ross Creek, the city and Cleveland Bay.

It was traded by Jackeissen Pty Ltd which was placed in liquidation on August 25.

Tony Miskiewicz of Kordamentha was appointed liquidator after shareholders of Jackeissen resolved to wind up the company.

Its shareholders are Natalie Embregts and Matthew Jeboult of Townsville and Ross Stathakis and Stephanie Mullins, both of Sydney. In a separate matter, police have charged Ms Embregts, a registered nurse, with fraud over the alleged misuse of $696,000 of her disabled brother’s superannuation.

Ms Embregts held power of attorney over her brother Hugh Ball’s financial affairs.

Kordamentha partner Tony Miskiewicz said that from discussions with Ms Embregts, who was a director of Jackeissen, he understood it had financial difficulty as a result of the Covid-19 pandemic and ceased to trade the restaurant after the lockdown in March last year.

Mr Miskiewicz said the Report on Company’s Affairs form completed by the director listed creditors of about $50,000.

“At this stage, we are unaware if the fraud allegations against the director, Natalie Embregts, have any relevance to the company’s financial difficulties,” Mr Miskiewicz said.

Ms Embregts could not be contacted for comment.

The Waterfront Townsville was the main tenancy of three restaurants in a 1500sq m ground floor commercial level of the plush Solarus apartments. All of the restaurant tenancies are vacant and the commercial property is for sale.

The next door historic pub, part of The Oaks Metropole Hotel, has also remained closed since April last year although the pub’s restaurant is trading from 5.30pm Monday to Saturday.

A Palmer St resident told the Bulletin traffic changes some years ago by the council, making that end of Palmer St a virtual dead end, had been a waste of money and had damaged trading.

The Solarus commercial ground floor property was acquired by a Sydney investor in 2017 for $2.97m.