1. You know that restaurant round/around the corner? It's closed down.

2. You know that restaurant round/around the corner? It's closed now.

(Are both sentences grammatical? Are both the same? Do we have to use 'round' or'around'? Are both OK?)

1 answer

Both are the same, yes.

The word "around" the correct choice. Some people use "round" but it's more of a vernacular choice, I think.

http://www.answers.com/round
http://www.answers.com/around

This pair reminds me of "till" and "until" -- two very different words that are often used interchangeably in less formal speech.