Singo pockets $15m on sale of Bondi Icebergs dining lease

Bondi Icebergs restaurant and bar has hosted royalty, from Princess Mary of Denmark to Oprah Winfrey, but owner John Singleton has decided he wants out.

The businessman secured $15 million for the leasehold of the famous level three eatery. Overlooking Bondi Beach, the Iceberg Dining Room and Bar was saved by Mr Singleton in the late 1990s and transformed into one of the country's iconic places to visit and be seen.

The private Melbourne-based O'Brien Group, the country's largest privately owned hospitality, entertainment and leisure company, was the buyer. It owns and operate stadiums including O’Brien Group Arena at Melbourne's Docklands, Suncorp Stadium, Brisbane and Eden Park, Auckland, as well as a range of pubs.

It was said the buyers beat out a range of interested parties for the venue, which occupies the top floor of the building.

Mr Singleton, who has been selling down the pub portfolio he owns with former Qantas chief executive Geoff Dixon and Mark Carnegie over the past three years, still has a lease over the entire property, built on crown land, until 2042.

Mr Singleton, 77, and his partner, Robert Whyte, are also selling 17 billboards near Sydney's Mascot airport, and he has a share of the Entertainment Quarter, Moore Park, Sydney with Mr Carnegie and fellow horse lover and retailer Gerry Harvey.

Icebergs restaurant and bar is now operated by chef Maurice Terzini.

Ray White's Asia Pacific director, Andrew Jolliffe, advised on the sale of Icebergs, which attracted significant local and international interest.

''What was made clear to us was that the objective of our engagement was not only a matter of price point for John, because also important to him was the suitability of the successful purchaser,'' Mr Jolliffe said.

''John patently saw himself as the custodian of an Australian icon over the course of his ownership, and we are very pleased that the successful purchasers are people of significant credibility and long-standing hospitality business ownership in respect of iconic Australian venues.''

O'Brien Group's executive director, Michael O’Brien, said: ''We have a strong suite of well-known hospitality venues situated in Australia and New Zealand, and we’re both very pleased and confident Icebergs wholly complements our group”.

It is not expected the new owners will make any major changes to the venue.

Mr Jolliffe said the sale of Level 3 Icebergs followed the trend of unprecedented change of ownership across prime coastal hotel locations over the past few years. ''The Collaroy Hotel, Clovelly Hotel, and Patonga Beach Hotel have all changed hands within the last 12 months,'' Mr Jolliffe said.