The Main Street project came to fruition through a private investment of more than $2 million from Derby resident, Grant Kearney, and his wife Luise Tyroller.

"Derby has had an amazing economic and social impact on the North-East region over the past few years but up until now there's been a limited availability of hospitality," he said.

"My wife and I moved here just over four years ago and we thought that if the area we love is going to reach its full potential we needed to provide more services not just for mainland and southern visitors but locals too."

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The establishment, which includes two riverside apartments, an eclectic lounge bar and a cafe, officially opened on Thursday afternoon.

Over the weekend, 523 guests dined within the facility's funky interior and on its spectacular river deck.

It was understood to be one of the first new commercial and residential development in Derby's village centre in decades.

Main Street is set to increase the permanent population of Derby by nine, as well as employ a team of 12 people, some of whom are currently unemployed or under-employed locals.

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Under the tutelage of internationally experienced barista and bar manager, Dane Brazier, they will undergo hospitality training before properly joining the team.

"They'll be taught the basics, which will include how to use the coffee machine and how to make cocktails, pouring beer and wine is pretty straight forward," he said.

"This place isn't like anything many people around here would have seen before, it feels more like you're in Miami."

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Mr Kearney explained that from the road, the exterior had been left to a modest style to match with the street scape, out of respect for the heritage of the town.

He said that for the moment, the venue will be open five days a week, Thursday through to Monday.

"Just while we're still on our training wheels, then we'll open up seven days a week," he said.

"It's a really cool, hip vibe."

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