Rent struggles force popular Barangaroo restaurant to close

An Italian restaurant in Barangaroo, Sydney has been forced to shut its doors after failing to pay rent.

The closure of the six-year-old Bel & Brio, which is owned by Mark Richerdson, came suddenly, with Lendlease locking the doors after a rent dispute.

The move now has staff wondering ‘what’s next?’

The luxe Italian restaurant and food emporium owed $1.8 million in rent over two years, but Richerdson said he was blindsided by the closure.

“We’ve been in negotiations and mediations ... to get the fee to something reasonable however Lendlease had enough and pulled the plug and so they should have,” he said.

“We were blindsided by the lockout, but we were moving towards a decision of closing the business.”

Closure of the business was inevitable, with Richerdson blaming high CBD rents and the new work-from-home culture.

“The city is not the same,” he said.

The Daily Telegraph claims it has been contacted by staff who have not been paid in weeks, with Richerdson saying he is working to pay out his 140 staff. 

“My hope is that someone will take over the venue and rehire the staff but if that doesn’t happen, we find another business for them to work with,” he said.

“It is a shame for staff, but I’ve lost the most. I’ve lost 8 years and $11 million.”

Lendlease said it did not take the decision lightly.

“We value each retailer and they are always welcome to discuss their arrangements with us,” they said.

Bel & Brio has a strong history in Barangaroo, being one of the first restaurants to open there and bringing fresh, authentic Italian food to Sydneysiders.

Richerdson’s hospitality days are now over.

“It’s called life. You win some, you lose some. But I will not get into the restaurant game again,” he said.

Jonathan Jackson - 8-11-22