The St Georges Terrace Greenhouse restaurant that cemented the cult waste-not status of young chef Matt Stone unceremoniously closed its doors on Friday.

The Greenhouse is the latest in a long list of high-profile Perth restaurant closures including Amuse in East Perth, Fuyu in Nedlands and Chophouse, also on St Georges Terrace, each said to have been casualties of budget-conscious, post-boom consumers — and a 30 per cent slump in hospitality revenue along the Terrace.

“The city is a pretty competitive environment,” one food and beverage source said.

“Restaurants and bars up and down St Georges Terrace and in the CBD are struggling. Food and beverage has got more difficult. There are fewer people in the city and they are a tough crowd.”

Another source said restaurant and cafe venues had limited shelf lives and regular reinvention was mandatory.

“Unless you are an owner-operator keeping a sharp eye on your product, staying contemporary, with brilliant service, you are going to struggle to survive,” he said.

Camera Icon Chef Matt Stone. Credit: WA News

The Greenhouse, opened by Matt Stone with restaurateur Paul Aron and environmentalist and artist Joost Bakker in December 2009, was later sold to Red Rock Leisure in partnership with chef Chris Taylor about five years ago.

Matt Stone moved to Melbourne in 2013, starting zero-waste cafes Silo in Hardware Lane and Brothl. He became head chef of Oakridge in the Yarra Valley in Victoria in 2015.

Play Video Rob Broadfield says it's a sign of the times when two of Perth's best restaurants decide to shut up shop within weeks of each other. The West Australian Video Rob Broadfield says it's a sign of the times when two of Perth's best restaurants decide to shut up shop within weeks of each other.

The Red Rock Leisure partnership with Mr Taylor operates Fraser’s Restaurant and Function Centre in Kings Park, the BWG Steakhouse at historic Heathcote in Applecross, The Old Brewery on the Swan River and Indiana at Cottesloe beach.

Yesterday, Mr Taylor said eight Greenhouse staff would be redeployed within Red Rock Leisure. “The market is tough, everyone is hurting,” he said.

Red Rock Leisure owner Paul O’Brien told The West Australian high CBD rents and a post-boom slump in revenue made The Greenhouse unsustainable.

“It was too expensive to maintain the concept and coupled with rent struck at a boom-time rate it was just not viable,” Mr O’Brien said.

Play Video Rob Broadfield takes an in-depth look at what's happening in WA's restaurants. The West Australian Video Rob Broadfield takes an in-depth look at what's happening in WA's restaurants.

The Greenhouse, at the front of Enex100 at 100 St Georges Terrace, signed a 10-year lease at steep 2009 rents.

It had about 30 months to run on the lease but Mr O’Brien said The Greenhouse had “struck an exit agreement” with landlord ISPT.

Lease Equity’s Jim Tsagalis said it was unlikely ISPT would have any difficulty re-leasing, as the 350sqm venue was in a “superb” spot on the Terrace.