building's owner, Mr. Benjamin Rego Sr., said yesterday.

The restaurant's chattels went on the auction block yesterday.

On May 27, the business closed due to lack of business.

"The intention now is to redo the space, about 1,900 square feet, as office space,'' said Mr. Rego.

"We are hoping to have it ready to lease in 30 days,'' he said.

The auction, held yesterday at the restaurant, which had been operating in the Stables Building, Reid Street, was attended by various restaurateurs and a few hoteliers, after no offer emerged to take over the operation as a whole.

Proceeds from the auction were not available yesterday afternoon but Mr. Rego said everything but one or two small items sold.

The money raised will go toward settling outstanding debts from the Surf & Turf, he said.

The biggest sale was a freezer which sold for $2,000, said Mr. Rego, acting as auctioneer at the sale.

Mr. Rego is the former president of Rego Ltd., a position his son now holds.

He is president of Rego Research Ltd., a property and corporate investment firm and has various other business interests.

The Stables building houses Rego Ltd. as well as Island Trading Ltd.

Co-owner of the Surf & Turf Mr. Ralph Saints, who could not be reached yesterday afternoon, said Monday there had been outside interest in taking over the business but nothing definite materialised.

Mr. Saints co-owned the Surf & Turf with Mr. Franz Egenolf.

The restaurant commenced operations last November.

Owners chose to create the seafood and steak restaurant after moving their existing Pizza House operation from the Reid Street location to Parson's Road.