They already preside over Sydney's best restaurant real estate at Bondi Beach, now Good Food can reveal the team at Icebergs Group has moved on the most coveted rooftop in the CBD.

Word on Sydney's eat streets has been running hot that the slick restaurant group has been deep in negotiations for months to take the rooftop at Shell House near Wynyard Station.

"It's been an exciting year working with [Shell House developer] Brookfield on the site and almost all formalities are concluded," Icebergs owner Maurice Terzini says.

The pioneering restaurateur won't be drawn on plans beyond explaining they hope "to create an Italian-inspired city landmark".

A spokesman for Brookfield declined to comment. And while negotiations are advanced, a final deal is still waiting to be inked.

It's a special spot for Sydneysiders, with the historic Shell House previously part of the old Menzies Hotel.

Icebergs Group's favoured architects, the Rome-based Lazzarini Pickering, is believed to have drawn up plans for a sumptuous rooftop restaurant.

When the space first went to market, a number of overseas operators – including Bali's Potato Head Beach Club – were linked to the site.

Matt Hudson, the head of retail leasing at Cushman & Wakefield, said at the time that a shortage of rooftop venues – compared with cities such as New York and Los Angeles – as well as Sydney's climate, was driving demand.

"Australians love al fresco and rooftops are the answer to getting outdoor space in the city," he said.