In 1985 Stavrakis and Phantom co-worker Frank Cotterell opened the Waterfront shop in York Street Sydney. Later joined by Chris Dunn (another ex-Phantom colleague) the store move to Sydney's Haymarket and eventually back to York street where the dream ended.
The name Waterfront was appropriated by MGM Distribution who released a number of records utilising the name Waterfront. This was done without the knowledge of the "real Waterfront" label owner (Stavrakis, or his partner Dunn).[info from Discogs]