'Beating heart of Sydney': Luna Park is up for sale
Sydney’s Luna Park is on the hunt for new owners for the first time in two decades.
The amusement park, which opened beside the Harbour Bridge at Milsons Point in 1935, has been listed for sale in a rare campaign that is expected to lure potential buyers from around the world.
Luna Park chief executive John Hughes says the park will operate as usual during the sale process.Credit: Brook Mitchell
For about $70 million, the new owner would acquire the business, the buildings and long-term lease. The land is owned by the Luna Park Reserve Trust, a government agency, and it must remain a park.
Announcing the sale on Wednesday, Luna Park Sydney chief executive John Hughes said the beloved attraction had played an important role in Sydney’s social and cultural fabric for the past 89 years.
“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.”
The park has weathered myriad transformations, temporary closures and a string of battles with residents of nearby apartment buildings, who long complained about noise and lighting levels.
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Beyond its toothy entrance, Luna Park features 17 rides, carnival games, the state heritage-listed Coney Island funfair, the Big Top and Crystal Palace event spaces and an underground carpark.
CBRE’s head of retail capital markets for the Pacific, Simon Rooney, said the scarce opportunity to purchase the landmark venue was tipped to draw significant domestic and international interest.
“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,” he said.
A $30 million upgrade in 2021 added nine rides including a new Big Dipper inline seating launch roller coaster, the Boomerang, Little Nipper, Sledgehammer, Freaky Frogs and Loopy Lighthouse.
Last year, a $15 million high-tech fitout of the circus tent-like Big Top created a 50-minute show, Dream Circus, which the park touted as the city’s first permanent immersive-experience attraction.
The nostalgia of the 1930s amusement park’s personality has been retained despite modern additions, including conference and event facilities. Credit: Edwina Pickles
The 3000-capacity Big Top venue, which hosts music performances and events, opened in 2004.
Rooney said: “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 citywide festivals such as Sydney Festival, Vivid and Lunar New Year.”
He said there were opportunities to “enhance the profile of the precinct and drive income growth through additional amusement and immersive experiences or [food and beverage] initiatives”.
“This follows a recent major investment in redeveloping the park’s Big Top as a 3000 square-metre multipurpose venue, catering to growing global demand for captivating and all-in experiences.”
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Hughes, who took on the top job in 2022, said the park’s management team was “pursuing a strong pipeline of new opportunities that will further add value to the business”.
The venue is owned by the Luna Park Reserve Trust, an agency of the NSW government, and controlled by developer Brookfield. Expressions of interest in the leasehold close in late August.
The park will operate as usual during the sale process.
The Art Deco-style attraction is based on the success of the first Luna Park which opened on Coney Island, New York, in 1903.
In 1979, six boys and a father died when a fire ripped through the park’s Ghost Train ride.
An administrator was appointed, and the park closed in 1996, before reopening in 2004.
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