Big change coming for Luna Park after hitting the market

Luna Park is expected to change hands for about $70m.

Sydney’s iconic Luna Park has been listed for sale following extensive upgrades over the past four years and it is expected to sell for around $70m.

It’s the first time in two decades that the amusement park has become available for purchase, with the sale expected to generate significant domestic and international buyer interest. The sale is for the business and long-term leasehold at the Harbour site.

Luna Park CEO John Hughes said the sale followed a “strategic transformation”.

This included a $40m upgrade during the last four years that added new rides and immersive experiences.

Luna Park has been a central part of recent events like Vivid Sydney.

Luna Park Sydney now features 17 amusement rides, the heritage-listed Coney Island, 7,000 sqm of building floorspace, including Sydney’s Immersive Big Top and the 1935-built Crystal Palace as well as a 389-space car park.

These changes drove “record visitation”, Mr Hughes claimed.

CBRE agents Simon Rooney, James Douglas and Paul Ryan are selling the park on behalf of global investment firm Brookfield.

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Residential real estate developers will have limited options with the property as it must remain an entertainment venue under NSW laws.

The Park was recently upgraded.

Mr Rooney said the globally recognised Sydney landmark offered “outstanding investment” fundamentals and a strong brand.

“Trophy assets such as Luna Park are tightly held and rarely traded,” he said.

Mr Rooney said Luna Park had an impressive track-record of long-running events. This included Halloscream, New Year’s Eve and collaborations with key citywide festivals such as Sydney Festival, Vivid and Lunar New Year.

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The existing floorspace provides opportunities to further enhance the profile of the precinct and drive income growth through additional amusement and immersive experiences or F&B initiatives.

Luna Park opened in 1935. Picture: Getty Images

“This follows a recent major investment in redeveloping the park’s Big Top as a 3,000 sqm multipurpose venue, catering to growing global demand for captivating and all-in experiences.” Mr Rooney said.

Luna Park will continue to operate as normal during the sales process.

The Australian revealed that potential buyers who may bid for the site include billionaire Lindsay Fox, who bought Luna Park in Melbourne for $7m two decades ago. There is also expected to be interest from private equity firms and public companies.