Owners Dean and Renee Oberin will close the Port of Echuca restaurant after consultation with the building's owner Campaspe Shire.

Oscar Ws has been a tourist drawcard since it first opened in 1997 and recently received a chef's hat in The Age's Good Food Guide.

Campaspe Shire and the Oberins released a joint statement on Thursday night saying they had agreed on terms for the closure.

"Oscar W’s Wharfside Restaurant is a highly recognised restaurant that has brought significant value to Echuca Moama and the region since 1997," the statement said.

"The business is owned and operated by Dean and Renee Oberin in a building that is owned by the Council."

"Council and the Oberins have been in discussion for some time about works that are required at the building, including the type and timing of these works."

"As a result it has been agreed that the current restaurant lease will end on 31 July 2014, instead of September 2015, providing greater certainty for both Council and the Oberins to plan for the future."

The Oberins re-opened the new-look American Hotel last year after the freehold had been in the family for years.

Oscar Ws owner Renee Oberin declined to comment on the closure to the Bendigo Advertiser on Friday.

Oscar Ws has received a string of industry awards through the years.

The restaurant has been recognised by The Age Good Food Guide, Australian Good Food and Travel Guide, Savour Australia Restaurant and Catering Hostplus Awards and Gourmet Traveller.

The Age Good Food Guide described the restaurant as 'stylish' in awarding a prestigious chef's hat this year.

''This is a stylishly renovated timber and corrugated iron restaurant perched high on a bend of the Murray River in Echuca's historic wharf precinct. It's where cockatoos and paddle-steamers accompany a tasty lunch or memorable dinner,'' the guide wrote.

with Riverine Herald