Canadian property giant Brookfield has put Sydney landmark Luna Park on the market, with the sale expected to fetch up to $70 million.
It marks the first time the heritage-listed Milsons Point amusement park — tucked next to the Sydney Harbour Bridge — has been listed for sale in two decades. The sale is said to generate a flurry of domestic and international interest.
Confirming the news on Wednesday, Luna Park chief executive John Hughes said the business had undergone a strategic transformation, with a $40m upgrade in the past four years that added new rides and immersive experiences — both of which drove “record visitations”.
“Since opening in 1935, Luna Park has played an important role in Sydney’s social and cultural fabric,” he said.
“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”
Brookfield — which took control of Luna Park in 2007 — has appointed CBRE’s Simon Rooney, James Douglas and Paul Ryan to handle the sale campaign.
Mr Rooney said Luna Park was 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 city-wide festivals such as Sydney Festival, Vivid and Lunar New Year,” he said.
“The sale presents a unique opportunity to secure the Luna Park business in a globally recognised Sydney landmark underpinned by outstanding investment fundamentals and a strong brand.
“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 with further upside.”
The park features 17 amusement rides, the heritage-listed Coney Island, and 7000 sqm of building floor space — including Sydney’s Immersive Big Top and the Crystal Palace, built in 1935. It also has a 389-space car park.
“As we focus our Australian portfolio on core assets, it’s time for Luna Park to transition to new custodians, who can steer the business through to its next phase of growth and ensure it remains an icon of the harbour city,” Brookfield head of real estate investments Ruban Kaneshamoorthy said.
The amusement park has endured ups and downs since opening amid the Great Depression, including several closures.
In 1979, six children and an adult died when the park’s ghost train was destroyed by fire. The park subsequently closed for several years.
Under New South Wales legislation, the park must remain an entertainment precinct and cannot be redeveloped into residential dwellings.
Luna Park will continue to operate as normal during the sales process.
Expressions of interest in the Luna Park leasehold close in late August.