Sydney’s iconic Luna Park is for sale and the multi-million dollar listing is expected to generate significant national and international interest.
Milsons Point amusement park could sell for up to $70 million, with CBRE agents Simon Rooney, James Douglas and Paul Ryan leading the marketing campaign.
“Trophy assets, such as Luna Park, are closely held and rarely traded, and the campaign provides the opportunity to secure a world-class entertainment, events and experience destination with greater upside,” Mr Rooney said.
The site is owned by Canadian construction heavyweight Brookfield under a long-term lease expiring in 2040; However, under New South Wales legislation it must remain an entertainment venue and cannot be converted into residential housing.
Announcing the sale, Luna Park Sydney chief executive John Hughes spoke of the commercial value of the park.
“The business has undergone a strategic transformation, with a $40 million improvement over the last four years adding new attractions and immersive experiences, which are generating record visitation,” he said.
“Our outstanding management team is pursuing a strong pipeline of new opportunities that will add even more value to the business.”
Modeled after New York’s famous Coney Island, the Sydney site opened in 1935 and is now home to 17 attractions, a heritage-listed Coney Island fairground and a Crystal Palace and Big Top event space.
The smiling entrance to Luna Park is one of the most famous man-made structures in the country.
Theme park under the Harbor Bridge is for sale for the first time in more than 20 years
The site is protected by law for amusement park purposes. One of only two such places in the world, the other being Denmark’s Tivoli Gardens.
In 2016, the New South Wales 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 Finance Minister Dominic Perrottet spoke glowingly of “giving back” the site to the people of New South Wales, saying it would “encourage pedestrian traffic along the cliff top and provide locals and visitors with new views of our harbour”.
More to follow.