Oscars Group, one of the largest privately-owned hospitality groups in New South Wales, has acquired Sydney’s iconic Luna Park.
The amusement park, now in its 90th year, joins Oscars Group’s portfolio of hotels and resorts, pubs, events centres, commercial and retail assets, following an international sales campaign.
CBRE’s Simon Rooney, Paul Ryan and James Douglas negotiated the sale on behalf of global investment firm Brookfield.
“We are excited to be acquiring Luna Park and look forward to working with the team,” said Oscars Group Managing Director, Bill Gravanis.
“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.
“Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.
“We would like to thank the teams at Brookfield and CBRE for their professionalism during the sale process.”
Luna Park features 17 amusement rides, the heritage-listed Coney Island, 7,000sqm of building floorspace including the park’s Big Top – which is to be redeveloped as a 3,000sqm multi-purpose venue – and the 1935-built Crystal Palace, as well as a 389-space car park.
Rooney said the landmark attraction had invited strong local and offshore buyer interest.
“The Luna Park business was a sought-after investment given its unique location on the shores of Sydney Harbour,” he said.
“The diverse opportunities to leverage the existing assets and customer base to drive revenue growth via additional amusement, immersive and F&B initiatives were key drawcards for domestic and global buyers seeking value-add investment opportunities.
“As Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation,” said Luna Park CEO, John Hughes.
“We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park.
“Our upcoming summer will be the biggest on record with the launch of our Netflix partnership, the world-premiere of the Vegesaurs experience, our famous NYE festival and the launch of the heritage-listed Wild Mouse roller coaster following its two-year restoration.”
The sale was subject to consent by the Luna Park Reserve Trust to ensure the amusement park remains a vibrant destination for the people of Sydney and NSW.