Sydney’s heritage-listed Luna Park is up for sale for the first time in two decades, with strong buyer interest tipped from both home and abroad.
The amusement park, which sits near the northern foot of the Harbour Bridge, is expected to fetch about $70 million for Canadian investment firm Brookfield, which has engaged local realtors CBRE to run the sale.
The current owners have pumped about $40 million into the park in the past four years including shutting it for six months in 2021, when multiple new rides were built.
CBRE’s head of retail capital markets Simon Rooney said Luna Park was more than simply an amusement centre.
“It is the beating heart of Sydney with an impressive track-record of long-running events including Halloscream, New Year’s Eve and collaborations with key city-wide festivals such as Sydney Festival, Vivid and Lunar New Year,” he said.
“The sale presents a unique opportunity to secure the Luna Park business … 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.”
The 7000sq m site, on Sydney’s lower north shore, is on land owned by a government trust and needs to be kept as a park.
The sale covers the long-term lease for the historic site, as well as the business and its facilities.
Luna Park hosts 17 rides, the heritage-listed Coney Island, the Immersive Big Top and the famous Crystal Palace.
Chief executive John Hughes said Luna Park, which opened in 1935, played an “important role in Sydney’s social and cultural fabric”.
The park will stay open throughout the sale process.
Alex Mitchell
(Australian Associated Press)
