With a rarely traded Sydney Harbour jewel about to change hands, the big question on the eat streets is who is quietly snapping up the city’s waterfront restaurants?

Sails on Lavender Bay, a dining fixture on the lower north shore since the 1970s, has been in the hands of former Aria chef Greg Anderson and partner Patricia Nunes for the past 15 years.

Now, it’s the latest domino to fall. Anderson confirmed they’ve sold the restaurant, with a mid-May settlement.

The incoming owner is Bill Drakopoulos, who has built one of Sydney’s largest restaurant groups, with a particular predilection for the harbour.

Sydney Restaurant Group’s waterfront stable stretches from Ormeggio at The Spit to The Fenwick at Balmain and Walsh Bay’s Ventuno.

The group also oversees the soon-to-be renovated restaurant at Nielsen Park, a small chain of Ripples eateries and Aqua Dining, which will reopen next year above the revamped North Sydney Olympic Pool.

“It’s pretty emotional, after [this length of time],” Anderson says. “Staff and customers are treated like family, but I know we can leave Sails in really good hands with Bill.”

Anderson says Sydney diners are drawn to the water. Drakopoulos has built an empire on the lure, but says his latest acquisition is on another level.

“This one is iconic, it’s been Sails since I was a boy,” he says.

Drakopoulos plans to run the restaurant as is to get a gauge on the business and its customers, with a renovation planned for early 2024.

Asked about his acquisition strategy, Drakopoulos says he focuses on unique properties rather than massive waterfront developments.

“I just picture myself where I’d like to be, and whether it’s a top-end meal or a coffee, it’s on the water.”