Mr Rooney said the restaurant would be relaunched with a 1920s Raffles Singapore flavour, and be called No. 8. The menu will fuse elements of Chinese, Indian, Vietnamese and other Asian food "with a New Zealand twist".
The name No. 8 is taken from the street address in the Town Basin complex, the Chinese number for good fortune, also said to mean balance and fortune in other cultures, and the "number eight wire" Kiwi can-do attitude, Mr Rooney said.
Once the sale is signed off next week, Love Mussel will be shut for two days at the end of May but reopen "as a restaurant with no name" until after the Lions and Barbarians game in Whangarei.
Taking over a neighbouring bar and restaurant wasn't part of Mr Rooney and Mr Fraser's plan when they completely refurbished the Reva's site.
Mr Rooney said when he heard the Love Mussel was for sale he became concerned about who would go into the premises, or when.
The Town Basin had been tired and wasn't being made the most of when he opened The Quay just under a year ago, he said.
"There's no doubt The Quay has upped the ante and I always thought it would be good for others to build on that. As it turns out, we've ended up doing it.
"I couldn't have thought of a better location for our fourth restaurant."
He said he hoped to accommodate Love Mussel staff in his other restaurants.