Singleton puts Icebergs on the market
Adman John Singleton is selling one of Australia’s most famous restaurants, the Iceberg Room and Bar and Bondi Beach.
Singo expects to pick up $15 million from the sale.
It’s all part of the process that he and his investor mates, ex-Qantas chief executive Geoff Dixon, financier Mark Carnegie and insurer Suncorp have been going through, selling off their pubs. So far they have offloaded at least $100 million worth of assets.
Icebergs was built in the 1960s and the building was in bad condition, riddled with concrete cancer. So Singleton stepped in to save it and stared down council opposition. In the end, he turned it into one of Australia’s best known eateries.
“I’m really happy I was able to do my bit to save the Icebergs,” Singleton told Commercial News.
“We now have an institution that the community, politicians, swimmers, diners of 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 the future generations, not only to be proud of, but to reflect on what we had to do to make this great place even better.”
Chef Maurice Terzini operates the restaurant and bar which is built on crown land.
His company holds the lease to until 2036 and, according to Commercial News, is paying about $850,000 in rent a year.
Singleton’s lease on the property runs until 2042.
Ray White selling agent Andrew Jolliffe expects Icebergs will attract a lot of local and international interest from potential buyers.
“What Singo and other 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,” Jolliffe told Commercial News.
“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.”
by Leon Gettler, September 18th 2017
