Maurizio Terzini sells Jacksons on George, quits Icebergs
A consortium including restaurateur Maurizio Terzini and hotelier, Michael Broome, has sold Circular Quay’s 18 month old Jacksons on George for a speculated $20 million.
The leasehold deal is with Gallaghers Hotel, led by husband and wife, Patrick and Angela Gallagher, which coincidentally operated the former venue on the site for five years until lease expiry in 2018.
Landlord Lendlease acquired the freehold for $23m from receivers representing J&J O’Brien which collapsed in 2013.
The site was then amalgamated with other properties – recently making way for the $2 billion mixed-use Sydney Place, with the 55 level Salesforce Tower – the CBD’s tallest office, at 263 metres.
As part of that project, developed with Ping An Real Estate and Mitsubishi Real Estate Asia, the c1986 pub was replaced with a swank three level venue, the leasehold sold to DTL Entertainment.
Back to the future
The former Jacksons on George replaced a c1905 pub, the Blue Anchor Hotel, later known as the Port Jackson Tavern.
The new venue contains 1036 square metres with the hatted Bistro George on the first floor and a rooftop terrace overlooking George Street Plaza.
A hotel gaming room contains 15 electronic gambling machines with the potential to add 15 more.
The complex will be managed by Mr and Ms Gallagher’s sons, Austin and Jack.
“We are extremely excited about taking on this new and very exciting venture in such a dynamic location,” Patrick Gallagher, said.
“With arguably the best rooftop bar in the city…the hotel has broad based appeal with patronage set to explode in line with a proximate commercial development pipeline including the new Waldorf Astoria Hotel, One Circular Quay luxury residential tower and 55 Pitt Street – Mirvac’s new office tower currently under construction,” he added (story continues below).
JLL’s Kate McDonald, who represented DTL with Ben McDonald, said the property sees an almost daily influx of tourists from cruise ships.
“We’re delighted to see Patrick, Angela and the family return to the site and very much look forward to seeing them succeed in arguably one of Sydney’s most exciting venues,” according to the executive.
DTL director Michael Broom added “having known and worked with the Gallagher family previously…the pub couldn’t go to a better [group]”.
Other company backers include businessmen Paul Ford and Steve Bannigan.
The consortium renovated the already renovated property last time it seized control (2014).
Maurizio Terzini quits Icebergs, retains share
Also today Mr Terzini, 60, resigned from Bondi’s Icebergs Dining Room and Bar, which he has been connected to for 23 years.
The move comes a week after reports of sexual misconduct against his 32 year old son, Sebastian – which have been disputed and will be appealed.
The restaurateur will continue to be a shareholder.
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