I think that's a great idea. My brother is using his island as such and it works for the family, for casual dinners with friends, a buffet station when entertaining, homework area and prep area that can be used at the same time for great multifunctional use. Just be sure that your working/functional needs are placed at one end, so you don't have to walk around the entire island to get to the fridge for example.
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Seating at end of island, casual
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