Luna Park has found its new owners following a 6-month search. The Sydney amusement park went up for sale in June for the first time in two decades.
Luna Park up for sale for the first time in 20 years with $70 million price tag
The iconic landmark has now been picked up by NSW hospitality giant Oscars Group. The privately-owned Oscars Group owns a number of hotels, resorts, and events centres across Eastern Australia.
It is best known for owning Novotel Wollongong, Crowne Plaza Surfers Paradise, The Bankstown Hotel, The Belvedere Hotel in Sydney, Oakbridge Brisbane and Bush Village Holiday Cabins at Airlie Beach.
Oscar Group beat off competition from the likes of Warner Bros., Movie World and Dreamworld to secure the Park.
The sale means that the site is back in the hands of local owners after being owned by global investment firm Brookfield since 2007.
CBRE’s Simon Rooney, James Douglas, and Paul Ryan were appointed to steer the campaign for the landmark amusement attraction on behalf of Canada-based Brookfield.
According to reports, the sale price is considered to have been closer to $50 million rather than the $70 million asking price.
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.
Luna Park has undergone a $40 million transformation in the last four years. It is now a multi-purpose venue, well-equipped to meet the growing demand for experiential events.
Oscars Group managing director Bill Gravanis said Luna Park presented a great opportunity.
“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 said.
“Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors, while also promoting it as an entertainment precinct for Sydneysiders.”
