A new generation Ryan has stepped up to become the new owner of Topikos – one of the very few pubs on the world-famous Bondi Beach strip.
Point Group – the former Icebergs Group – holds well-known operations around Sydney, such as the Dolphin and Hotel Harry in Surry Hills and the new Shell House in the CBD.
The Group repositioned what used to be Bondi Beach Public Bar, undertaking a high-end renovation incorporating further restaurant seating, with high and low tables and luxurious banquettes. The business was reporting annual revenue of around $8 million.
It has now sold to 5th generation hotelier Edward Ryan, eldest son to industry stalwart Patrick Ryan.
The Ryans have created and managed a string of successful public bars, particularly in Sydney’s CBD, and having worked with and alongside extended family Edward is planning a more traditional pub model, with public and sports bars.
As a devoted Bondi man, he says it’s an “exciting opportunity” and feels he knows what locals want.
“Living locally my whole life provides me with a good perspective on where there might exist market gaps we’d like to explore, and I look forward to doing so given the solid platform the current management team have created at the hotel over a number of years.”
The sale price on the leasehold operation was not disclosed, but was said to have been in line with market guidance.
Point Group set to divest their Greek-themed Topikos operation in May, with a lease in place for another 24 years, appointing HTL Property’s Andrew Jolliffe, Dan Dragicevich and Xavier Plunkett.
What followed was reportedly a competitive on-market process spurred by continued interest in hospitality businesses, which regularly provide more favourable return metrics than other investments.
“Bondi Hotels are particularly rare beasts, numbering only four in total, and are both consequently and unsurprisingly tightly held as a result,” notes Jolliffe.
