Owned by Singleton for over a decade, the hugely popular asset was aggressively pursued by a number of highly successful hospitality operators from around the world; with the Melbourne based O’Brien Group Australia the successful party.

“O’Brien Group Australia is delighted to add Icebergs to our existing international venue portfolio that we have carefully and proudly collated over the past 25 years” advised Executive Director Michael O’Brien. “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” concluded O’Brien.

Exclusive agent for the sale, Ray White's Asia Pacific Director Andrew Jolliffe, advised that the sale of Icebergs followed significant local and international interest.

"When you think about Australian icons, whether from a domestic or international frame of reference, Bondi’s beachfront is arguably only surpassed by Sydney's Harbour and Uluru. Hence when looking at the Icebergs opportunity through that lens, it is consequently unsurprising that the band width of interest was so great" said Jolliffe.

The sale of Level 3 Icebergs follows a trend of unprecedented change of ownership across prime coastal hotel locations within the last few years. Namely, Collaroy Hotel, Clovelly Hotel, and Patonga Beach Hotel have all changed hands within the last 12 months.

Preferred agent for the sale process, Andrew Jolliffe commented "our valued client, John Singleton, tasked us with the responsibility to extract a favourable exit event on his behalf. However, what was also 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."

"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".

"Our marketing material talked to the geographical and historical importance of Icebergs, and the folklore position it occupies in both the beach and hospitality culture of modern Australia" said Jolliffe. "This nationalistic connection was never more boldly illustrated than by virtue of the fact that whilst half the total asset sale enquiries originated from significant overseas parties, four of the top five bids were from parties domiciled in Australian" said Jolliffe.

Jolliffe would not be drawn upon the price paid for the Icebergs asset, other than to confirm the new owners paid a sum entirely consistent with the market guidance provided prior to and during the international EOI sale process.

With the America's Cup Defence fast approaching the Southern Hemisphere, Jolliffe is marketing for sale via international EOI, New Zealand's famous Hurakia Lodge perched on Rakino Island in Auckland's Harbour.

To discuss the sale in further detail, phone or email Andrew Jolliffe via the below contact details.

See also:

Andrew Jolliffe awarded top international Ray White agent

Luey family's Haymarket pub sale

Jerry Schwartz's Four Points by Sheraton hotel in Sydney's Broadway opening August 2018

New luxury hotel possible with Sydney's Sirius Building for sale