THE Fortitude Valley restaurant market may be competitive, but that hasn’t stopped Insyde Restaurant Group from opening its new 895sqm venue.
Managing director Grant Johnston says the Siana Valley’s $3.6 million fit-out includes bars, dining facilities, a lounge area and private dining space.
“We’re looking at a five year turnaround to get enough sales and we have a 10-year lease with Leighton Properties,” says Johnston.
“The whole venture is made up of landlord incentives, venture capital and equipment financing.
“The breakdown is that there’s 770sqm in the interior but we’ve got an external license that includes 125sqm – we’ve got a bunch of high tables along Brookes Street.”
The restaurant across two floors on the corner of Wickham and Brookes streets will offer function areas for between 30 and 800 guests.
The opening follows the momentum of Insyde’s other venues Plaza Deli Bistro and Siana City in the Riparian Plaza
Johnston expects the grand opening of Siana Valley on May 13. The interior designer, along with business partner and chef Greg Bunt, saw the potential in the project more than 18 months ago.
“We started looking at it when it was just a hole in the ground in October 2008 – we started thinking we’d do the first level only, but when we started looking at it further we decided we could do more,” he says.
“I’m able to see the potential of a venue even when the building hasn’t been made yet, while most people need to at least see the building first to see if it would work.”
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