Peter said he had "absolutely no idea" what he would do next.
"I'm 62. I can't see myself anymore going into the restaurant or hotel business and doing those crazy hours," he said. "I want to do something completely different."
If that's the case it will be the end of a long hospitality career for Peter, who left Austria when he was 17 to work as a chef for hotel chains around the world.
In 1982 he was chef for a year at Rotorua's THC hotel (now the Holiday Inn) before returning to Hong Kong.
Two years later his then-wife became pregnant so the pair returned to Rotorua - thinking New Zealand would be a good place to raise children.
"I found out there was a little restaurant on the market, the old Lewisham's," he said. "It was the first and last restaurant I owned."
Back then, Lewisham's was a "little old house" that seated 35 people and was always bustling, he said.
"There were only three restaurants on that street ... so it was easy."
When a new landlord took over in 1987 the little old house was moved off site and the current premises built.
Fritz joined the business in 1989 and the two Austrian chefs have run the place ever since - most latterly Peter doing days and Fritz working nights.
Peter said it would be sad to lose the good friends he had worked alongside. "We were sort of like a family," he said. "There are some good memories. We had a good time."
He said nine of the 11 current staff had been offered jobs by the new owner.
One of the restaurant's most famous regulars was "Uncle Howie" - otherwise known as Sir Howard Morrison. "I never called him Sir," laughed Peter.
The pair first met in the 1980s in Hong Kong - they would go to the same nightclubs.
In 1985 Sir Howard walked into Lewisham's and recognised Peter. From then on he and his friends and family would dine there every Friday he was in town, in the same corner booth. At his table sometimes was his nephew Temuera, who would later bring in his Shortland Street castmates when in town, Peter said.
But just as important to Peter and Fritz were the regular customers, the locals with whom they were on a first-name basis. "Fritz and I would like to thank our loyal customers for the past 28 years, we have enjoyed the ride," Peter said. "Auf Wiedersehen from Peter and Fritz."