“Location, location, location” is a well worn catch phrase of the real estate industry. Invest in a property in the right location and watch your investment soar in value. The same catch cry may or may not hold true for the restaurant industry, open a restaurant in the right location and are you on to a winner?
Eastbank Restaurant on the harbour-front between Sydney’s Circular Quay and the Opera House has one of the best locations for a restaurant in the country, but it doesn’t automatically mean that the restaurant is profitable. “It’s taken a lot of hard work and organisation to turn the restaurant into a favourite eatery for tourists and locals” says owner Jimmy Kazal. “It’s a prime location but the overheads for real estate here are high so there is no margin for error”.
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