The owners of The Point Albert Park have announced a new business direction for the Melbourne venue that will see its fine-dining restaurant close.

ChengCheng (Aust) Enterprise Melbourne confirmed The Point Restaurant will be redeveloped to focus more on private functions.

The waterside restaurant has held a hat for several years and has seen several top chefs at the helm, include Andy Harmer, Justin Wise and Scott Pickett.

Staff have been notified of the change, with the final day of operation under its present guise to be Sunday 13 May.

Newly appointed executive chef Francesco Castellana is among the outgoing team, who recently moved from Italy to take the position.

Restaurant manager Owen Gibbons told Good Food it is  “disappointing we won’t be able to launch his new menu, which was incredible”.

“He is one to watch,” says Gibbons.

The new dedicated function space will feature a Western and Asian food offering, influenced by the venue’s Sichuan restaurant Hidden Jade, which will remain open on the ground floor.

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