Got a spare $15 million? That’s the baseline expectation for the level three Icebergs Dining Room and Bar, which is being sold by businessman John Singleton. The restaurant is run by Maurice Terzini and partners, who have a lease until 2036 and will continue to trade as normal once the building changes hands.
It’s a significant sale by Singleton, who invested millions of dollars to rebuild the Icebergs Club in the ’90s after the original 1960s building gradually succumbed to concrete cancer.
The rent on the third floor of the building, which includes the restaurant, the balcony and some offices, is understood to be around $850,000 per year. The Daily Telegraph reports that Terzini himself has confirmed he is among the potential interested buyers, which also includes Quay owner John Fink.
Reporting on the sale, the Australian points out that restaurant freeholds are among Sydney’s most valuable commodities, with the building which is home to Neil Perry’s Rockpool Bar & Grill going for almost $30 million last year.
The news comes in the same week that another iconic Australian beachfront business, Byron Bay’s Beach Hotel, was sold for a slightly staggering $70 million.
Icebergs is being offered by the real estate agent behind sales of The Newport Arms, Clovelly and Collaroy hotels. Expressions of interest close on October 12.