First look inside the new Gus' Place cafe coming soon to Bunda Street, Canberra

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He's one of Bunda Street's most famous residents - and soon Gus' will reopen with a new look.

New owners Fish Zafar and Hazel Tate will reopen the cafe as Gus' Place in early September.

Mr Zafar said the new Gus' Place will be a modern take on the venue, with a heavy nod to its history.

"Ever since we got this place, everything that we've read from articles to [social media] posts, it's all, 'don't destroy Gus', don't butcher the place, and don't forget about its name'," he said.

"So we're trying to respect what Gus' means to Canberra, but also put our own touch on it and bring it forward because Canberra's food scene is up there now. So we need to make sure the iconic location matches that."

The cafe, opposite Canberra Centre, opened in 1965, with initial owner Gus Petersilka introducing outdoor dining to Canberra in the 1970s.

It has remained closed since June 2016, and it was a competitive process to take new ownership of the venue, with more than 70 applicants to bring the Canberra icon back to life.

Mr Zafar and Ms Tate are very familiar with the area - they own Mister Zee's charcoal chicken restaurant, also on Bunda Street, and The Hospitality Shop on Genge Street.

Contrary to popular belief, the Gus' building itself isn't heritage listed, which gave them the freedom to change the layout and the external facade.

"The only thing that's actually heritage listed is the plaque on the ground outside, and the tree [in the outdoor seating area]," Mr Zafar said.

"It's a very obscure heritage listing - it's very odd in that it's to do with the location and what's happening in the location rather than the building itself."

With that in mind, the new owners have restructured the indoor space, moving the bar to the centre with tables around it, and have put in larger glass windows out the front to let in more light. The outdoor area will also get bigger windows, with the wall facing the cafe to be given bi-fold windows that will keep it warm in winter, and completely open it up come summer.

The fit-out will take cues from its European continental past, with teak timber, marble and leather, plus plenty of greenery in the outdoor space.

Initially Gus' will trade 7am to 4pm, seven days a week, with plans to also open for dinner later this year.

The all day, seasonal menu will have simple, classic dishes with a modern touch, including vegan, vegetarian and gluten free options. The dinner menu is yet to be finalised but will most likely be made up of shared tapas-style dishes.

Coffee will be a big focus, with their own house blend, plus shakes, juices and smoothies. For later in the day, there's a drinks menu with a focus on local wines and beers.

Mr Zafar said there was never any doubt that they would carry on the Gus' name.

"The hardest thing is, the previous owners have the rights to Gus' Cafe, because that's their trading name, but we're trying Gus' Place because everyone knows it as Gus'. So we're trying to do it in a way that will respect what the legal requirements were, but also what the city wants from it," he said.

The new team is mindful you can't keep everyone happy, but excited to give the 50-year-old venue new life.

"What they did before, it lasted its test of time. They've done it well to be honest because it was still around, they didn't close down, they simply moved on. And we've been fortunate enough to be blessed with the opportunity to give a crack of it, try it our way," he said.

"We hope we do it justice, we hope people come and try it out."