Luna Park Sydney put up for sale

Luna Park Sydney - one of Australia’s most recognisable attractions - has been listed for sale for the first time in 20 years.

Management of the Milsons Point amusement park announced the news today in a move property experts say is expected to generate significant interest from domestic and overseas buyers.

Luna Park Sydney, which is currently controlled by global investment firm Brookfield, is expecting the park to be sold for approximately $70 million for the buildings and long-term lease over the land.

Real estate firm CBRE has been appointed to lead the sale process.

CBRE’s Simon Rooney, James Douglas and Paul Ryan have been exclusively appointed to steer the campaign for the landmark amusement attraction on behalf of Brookfield.

Rooney noted “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.”

John Hughes, Chief Executive of Luna Park Sydney advised “since opening in 1935, Luna Park has played an important role in Sydney’s social and cultural fabric. The business has undergone a strategic transformation, with a $40 million 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.”

Luna Park Sydney now features 17 amusement rides, the heritage-listed Coney Island, 7,000sqm of building floorspace including Sydney’s Immersive Big Top and the 1935-built Crystal Palace as well as a 389-space car park.

Rooney added “Luna Park is more than just an amusement park. 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. The existing floorspace provides opportunities to further enhance the profile of the precinct and drive income growth through additional amusement and immersive experiences or F&B initiatives. This follows a recent major investment in redeveloping the park’s Big Top as a 3,000sqm multi-purpose venue, catering to growing global demand for captivating and all-in experiences.”

Luna Park will continue to operate as normal during the sales process.

Expressions of Interest in the Luna Park leasehold close in late August.