Entrepreneur and adman John Singleton lists Level 3 Icebergs Dining Room and Bar
Entrepreneur and adman John Singleton has listed the Level 3 Icebergs Dining Room and Bar leasehold on Sydney's iconic Bondi Beach.
The Icebergs Dining and Bar has a lease with John Singleton's company until 2036. Singleton, who has a lease until 2042, expects around $15 million.
Icebergs Dining and Bar is 675 sqm and currently leased to Maurice Terzini and partners.
Andrew Jolliffe, Ray White's Asia Pacific Director of Hotels has the sale. He said interest in the property will by both domestic and international.
"Waterfront hospitality offerings are, frankly, so very rare in terms of the inherent barriers to entry for suitable replacements, that they rightfully enjoy the most revered of reputations from sophisticated investor groups and indefatigable loyalty from their respective patron bases" he said.
"What Singo and others did in backing the repurposing of this undeniably iconic property on Australia's most famous beach is truly remarkable, and what the current operator Maurice Terzini and his extraordinary team are doing there seven days a week is, by any measure, world class.
"I don't know anywhere else in the world where, at an A-grade hospitality development, you can enjoy a meal and drinks at a vantage point behind the line up of legendary right hand waves that serve as Bondi's calling card in international surf culture. It really is uniquely superb.
"Former NSW Premier Bob Carr has described the renewed property as the best urban renewable effort in the world.
"What an incredible compliment, and now what an incredible chance for someone else to take over the reins."
Singleton made a promise to the management over 25 years ago to completely rebuild the premises after it was found to contain concrete cancer.
He said it is an institution that the community, politicians, swimmers, diners and NSW and Australia can be truly proud of.
"It is etched in the Aussie ethos of helping your mates, doing your bit and providing something for future generations not only to be proud of, but to reflect on what we had to do to make this great place even better" said Singleton.
"It's a true living example of community spirit, and if you go there on any given day, you can't help but notice what it means to the community and its members.
"I'm really happy I was able to do my bit to save the Icebergs."
Jolliffe has recently sold waterfront hospitality properties including The Newport Arms, Clovelly, Collaroy and Crown Plaza hotels on Terrigal Beach as well as the Patonga Beach Hotel.
The Icebergs Level 3 sale is being conducted via an international expressions of interest campaign concluding October 12, 2017.
