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John Singleton sells Bondi Icebergs Restaurant Leasehold for $15M

John Singleton sells Bondi Icebergs Restaurant Leasehold for $15M

Advertising mogul John Singleton has offloaded the leasehold of Bondi Beach’s Icebergs Dining Room and Bar for about $15 million – the first time it has changed hands.

One of the country’s most famous hospitality venues, the restaurant space has been scooped up by the Melbourne-based O’Brien Group, Australia and New Zealand’s biggest private hospitality business. It operates stadiums in Victoria, Queensland and Auckland and owns pubs in Melbourne and Brisbane.

Built in the 1960s, the restaurant is on the top floor of the Bondi Icebergs Club, occupying 675 square metres at 1 Notts Avenue, which is crown land.

The Bondi Icebergs restaurant is one of Australia's most famous venues. Photo: Henry Zwartz

The multimillion-dollar leasehold over the space will last until 2042, with the Icebergs restaurant lease, held by director Maurice Terzini, to end in 2036.

Selling agent Andrew Jolliffe of Ray White Hotels said the six-year period following the end of Terzini’s lease meant there was a chance the O’Brien Group could run the venue themselves if the lease was not extended.

“There’s an operating period of time that needs to be resolved, so either they extend Maurice’s lease or they operate it themselves or they get someone else to. And then they might extend the time again with the State Government.”

But he said that the short-term vision had been to “own it first”.

“Arguably, (the six-year window) gave them the confidence to be able to acquire that thing knowing that if they did have to do some operating, they’ve clearly got the capacity to, but I don’t think that’s necessarily what their initial strategy would be,” Mr Jolliffe said.

“I think they just want to own it, it’s a hugely successful business, they’re very respectful of Maurice and his team’s ability and what they’re producing in there.”


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