Yahoo News Sydney’s Luna Park lease on sale for first time in 20 years with price tag of $70m
Sydney’s harbourside amusement park Luna Park is on sale for the first time in two decades.
The art deco park in Milsons Point opened in 1935 and currently features 17 amusement rides, an immersive “big top” and the heritage-listed Coney Island.
The 3.1-hectare site is owned by the state of New South Wales and managed by the Luna Park Reserve Trust which ensures the park and surrounding foreshore is “conserved for all Sydneysiders and visitors to enjoy”.
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The sale of the long-term business lease is expected to fetch about $70m. It is now owned by global investment firm Brookfield, which operates the amusement park, buildings and 389-space car park.
It last changed hands in 2007, when Brookfield acquired the park’s then-owner Multiplex.
The park’s chief executive, John Hughes, said the site had played an important role in Sydney’s social and cultural fabric for 90 years.
“The business has undergone a strategic transformation, with a $40m upgrade during the last four years adding new rides and immersive experiences, both of which are driving record visitation,” he said in a statement on Wednesday.
“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”
Simon Rooney of commercial real estate agency CBRE, which is handling the sale, said “Luna Park is more than just an amusement park”.
“It is the beating heart of Sydney. 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.”
The amusement park has had a chequered life since opening amid the great depression.
Six children and an adult lost their lives in 1979 when the ghost train was destroyed by fire. The park was subsequently closed for several years.
NSW police’s unsolved homicide squad set up Strike Force Sedgeman in 2021 to investigate the cause of the fire, with the force also offering a reward of $1m for new information.
The gates were closed for periods in the 1980s and 1990s before the park shut in 1996 due to financial troubles after a legal battle by residents who complained of noise from the Big Dipper ride – which was subsequently relocated to Queensland.
Luna Park reopened in 2004 and within a month had more than 100 noise complaints mostly directed at screaming visitors.
The venue now has more than 1.1 million visitors a year and in 2023 celebrated its 20 millionth visitor since reopening in 2004.
The North Sydney council mayor, Zoë Baker, said it was vital the site continued to operate as an amusement park “providing recreation and entertainment for the people of Sydney for decades to come”.
“Council and our community have fought many battles over the past 40 years to conserve Luna Park, not only for its iconic architecture, public art and historical value, but as an active amusement park,” she said.
The sale was expected to draw domestic and international interest with expressions of interest due by late August.
