Friday, July 19, 2024
HomeWorldLuna Park, Sydney: Australia’s most famous theme park hits the market

Luna Park, Sydney: Australia’s most famous theme park hits the market

Sydney’s iconic Luna Park is for sale, with the multi-million dollar listing expected to generate significant domestic and international interest.

Milsons Point theme park could be sold for $70 million, with CBRE agents Simon Rooney, James Douglas and Paul Ryan leading the campaign.

“Trophies such as Luna Park are firmly held and rarely traded, with the campaign offering the opportunity to secure a world-class entertainment, events and experience destination with even more benefits,” Mr Rooney said.

The site is owned by Canadian construction heavyweight Brookfield under a long-term lease expiring in 2040; However, under NSW law it must remain an entertainment precinct and cannot be redeveloped into residential housing.

Announcing the sale, John Hughes, CEO of Luna Park Sydney, spoke about the commercial value of the park.

“The company has undergone a strategic transformation, with a $40 million upgrade over the past four years, adding new attractions and immersive experiences. Both are driving record attendance,” he said.

“Our excellent management team is committed to a strong pipeline of new opportunities that will add further value to the business.”

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Modeled after New York’s famous Coney Island, the Sydney venue opened in 1935 and is now home to 17 attractions, a heritage-listed Coney Island fair and a Crystal Palace and Big Top event space.

The grinning entrance to Luna Park is one of the country’s most famous man-made structures

The theme park under the Harbor Bridge is for sale for the first time in more than twenty years

The theme park under the Harbour Bridge is for sale for the first time in over twenty years

The site is legally protected for an amusement park. One of only two such places in the world, the other being the Tivoli Gardens in Denmark.

In 2016, the NSW government paid Brookfield $3.2 million to buy back a 500 square meter clifftop site, which has since been converted into a public park.

At the time, then Chancellor of the Exchequer Dominic Perrottet spoke highly of “returning” the site to the people of NSW, saying it would “encourage foot traffic along the clifftop and provide locals and visitors with new views of our harbor ‘.

More to follow.

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