Sydney’s Luna Park has a new owner, with Australian hospitality company Oscars Group set to acquire the heritage-listed amusement park.
Located on Sydney’s harbour foreshore, the iconic park opened 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.
Per a press release, Oscars Group is one of New South Wales’ largest privately-owned hospitality companies, with a portfolio of hotels and resorts, pubs, events centres, and commercial and retail assets across the Eastern seaboard of Australia.
Oscars Group managing director Bill Gravanis said: “We are excited to be acquiring Luna Park and look forward to working with the team. It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.”
He added: “Our goal is to further establish Luna Park as a top 5 tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.”
Commercial real estate firm CBRE was contracted to oversee the sale of Luna Park on behalf of Brookfield.
CBRE’s Simon Rooney said: “The Luna Park business was a sought-after investment given its unique location on the shores of Sydney Harbour.
“The diverse opportunities to leverage the existing assets and customer base to drive revenue growth via additional amusement, immersive and F&B initiatives were key drawcards for domestic and global buyers seeking value-add investment opportunities.”
New owner for Luna Park
Luna Park is home to 17 amusement rides, from family attractions to an anchor Intamin coaster, the Big Dipper. It also includes the heritage-listed Coney Island, the Big Top entertainment venue, and the 1935-built Crystal Palace events space.
Luna Park CEO John Hughes said: “As Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation.
“We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park.
“Our upcoming summer will be the biggest on record with the launch of our Netflix partnership, the world-premiere of the Vegesaurs experience, our famous NYE festival and the launch of the heritage-listed Wild Mouse roller coaster following its two-year restoration.”
Images courtesy of Luna Park Sydney
