Jacqui Felgate covered the story on Wednesday on 3AW Drive of The Point restaurant in Albert Park, formerly known as The Carousel, which is now vacant and has been a spot for vandalism in recent months.

The iconic lakeside restaurant has since been torched overnight, and co-founder of event company The Big Group Bruce Keebaugh labelled it a “disgrace”.

“It is a disgrace aligned to red tape in the Victorian government,” Mr Keebaugh told Jacqui Felgate.

Press PLAY to hear his strong comments on 3AW Drive

“I think the restaurant, bar and cafe industry is in an absolute trauma and a freefall.”

Councillor of the City of Port Phillip, Marcus Pearl, was at the scene this morning and said there were a lot of “disheartened residents” after finding out about the torched restaurant.

The councillor said the mismanagement of the site has cost Victorians millions of dollars in direct costs, as well as opportunity costs and payroll tax.

“It’s a travesty, it’s devastating,” Councillor Pearl said.

Press PLAY to hear his full reaction to the news

Parks Victoria have issued the following statement:

“We are concerned and deeply disappointed by the recent incident at The Point at Albert Park. Our primary concern is the safety and wellbeing of our employees and the local community.

“Emergency services were alerted about smoke emanating from the building and the fire was swiftly contained on Friday 16 August. Fortunately, no one was injured.

“We are working to assess the damage and will take decisive steps to prevent such events in the future.

“We are actively cooperating with Victoria Police as they investigate this matter.”

Image: Nine