Australia's hospitality industry has been awash with high profile sales of well-known A-grade operations, with national market leaders such as Justin Hemmes' Merivale Group and Bruce Solomon's Solotel Group acquiring a number.

Many of the recent sales have been assets owned by John Singleton and his partners Geoff Dixon and Mark Carnegie, including the Marlborough, Toxteth and Kinselas hotels all situated in Sydney suburbs and all sold by Ray White's Asia Pacific Director of Hotels Andrew Jolliffe.

Following in excess of $100m in recent sales John Singleton has now provided Jolliffe with the mandate to sell maybe the most recognizable of all Australia's iconic hospitality assets, in the form of the Level 3 Icebergs Dining Room and Bar perched high above Bondi Beach.

The 675 sqm top floor operation is leased to Maurice Terzinini and his partners, who are responsible for a string of award winning hospitality operations throughout Sydney and Bali, including Bondi's Bucket List, The Dolphin and Harpoon Harry's in Surry Hills, as well as internationally renowned Bar Mexicola and Da Maria in Seminyak, Indonesia.

The Icebergs Dining and Bar team has a lease with John Singleton's company until 2036. Singleton whose property enjoys clifftop uninterrupted 180 degree views of the Pacific Ocean has a lease until 2042.

"We wholly expect interest in the sale process to be both domestic and, given the unrepeatable nature of the offering, international; with a combination of astute investors and those with an appreciation of the significant hospitality opportunity presented by John's decision to sell the asset at this time" said Jolliffe.

Singleton, who once lived opposite the legendary beachside Icebergs building and swam there regularly, made a promise to the management over 25 years ago to completely rebuild the premises after it was found to contain concrete cancer. "I'm really happy I was able to do my bit to save the Icebergs" said Singleton.

"We now have 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" said Singleton. Jolliffe, who has recently sold waterfront hospitality properties including The Newport Arms, Clovelly, Collaroy and Crown Plaza hotels on Terrigal Beach, yesterday added to the raft of impressive oceanfront sales by announcing the sale of the Patonga Beach Hotel opposite Sydney's affluent Palm Beach.

"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" said Jolliffe.

"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" said Jolliffe.

"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" said Jolliffe.

"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 concluded.

The sale of the Icebergs Level 3 asset is being conducted via an international expressions of interest campaign concluding October 12, 2017.

For further information contact Andrew Jolliffe of Ray White Hotels via the below contact details.

See also:

Andrew Jolliffe awarded top international Ray White agent

Australian Pub Fund Brings Sydney's Vic on the Park to Market

Sydney beachfront hotel sold to Merivale