Sydney’s iconic Luna Park is listed for sale for the first time in two decades. The heritage-listed amusement park is expected to sell for AU$70 million.
Located on Sydney’s harbour foreshore, Luna Park opened back in 1935. It was last acquired in 2007 by global investment firm Brookfield, when the company acquired Luna Park’s then-owner Multiplex. Brookfield operates the park, buildings and car park.
Luna Park Sydney CEO John Hughes said in a new statement: “The business has undergone a strategic transformation, with a $40m upgrade during the last four years adding new rides and immersive experiences, both of which are driving record visitation.
“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”
Commercial real estate firm CBRE has been contracted to oversee the sale. CBRE’s Simon Rooney said: “The sale presents a unique opportunity to secure the Luna Park business in a globally recognised Sydney landmark underpinned by outstanding investment fundamentals and a strong brand.
“Trophy assets such as Luna Park are tightly held and rarely traded, with the campaign providing an opportunity to secure a world-class entertainment, event and experience destination with further upside.”
Luna Park is home to 17 amusement rides, including family-friendly attractions, thrill rides and an anchor Intamin coaster, the Big Dipper. It also includes the heritage-listed Coney Island and the Big Top entertainment venue.
Luna Park is “a major player now”
“It’s a different park, and we’re a major player now. To my mind, we’ve set the park up for the next 85 years,” Luna Park’s managing director Peter Hearne told blooloop in late 2022.
Luna Park will operate as normal during the sale process. Expressions of interest in the leasehold are due by late August.
In December, the park introduced its new Dream Circus immersive experience, a $15m attraction using state-of-the-art technologies like 360-degree projections, blockbuster surround sound, and holograms.
Images courtesy of Luna Park Sydney
