Sydney’s historic amusement park, Luna Park – one of the city’s most recognisable landmarks, on the edge of Sydney Harbour – has been listed for sale.
CBRE has been recruited to steer the campaign for the site, on behalf of current owner – global investment firm Brookfield – and they say they are expecting “significant domestic and international buyer interest” for the park. Simon Rooney from CBRE says the sale “presents a unique opportunity”. “Trophy assets such as Luna Park are tightly held and rarely traded.”
John Hughes, CEO of Luna Park Sydney, says, “Since opening in 1935, Luna Park has played an important role in Sydney’s social and cultural fabric.” In fact, when the attraction opened, it was one of the only attractions in town – alongside the Sydney Cricket Ground – and it provided a world of escapism during the Depression Era.
The park’s beautiful heritage features – including the smiley-faced entry and art throughout Coney Island – have been well preserved, yet they’ve also recently launched modern and high-tech attractions, including the $15-million Dream Circus (an enchanting immersive experience inside Luna Park’s existing 3,000 square metre Big Top building) and a light-focused experience, Sonic Neon (in the Crystal Palace).
“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,” says Hughes. “Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”
What will the buyer get? Luna Park Sydney features 17 amusement rides, the heritage-listed Coney Island, 7,000sqm of buildings (including the Dream Circus Big Top and the 1935-built Crystal Palace) and a 389-space car park.
But, says Rooney, Luna Park isn’t just an amusement park. “It’s 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.”
Luna Park will continue to operate as normal during the sales process. Got a cool $70 million lying around? Expressions of interest in the Luna Park leasehold close in late August.
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