Oscars Group has acquired Sydney’s iconic Luna Park, one of Australia’s most recognisable amusement parks.
One of the largest privately-owned hospitality groups in NSW, Oscars Group has a portfolio of hotels and resorts, pubs, events centres, commercial and retail assets across the Eastern seaboard of Australia.
According to The Australian, Oscars Group plans to revitalise the amusement park with a series of new harbourside restaurants and bars.
CBRE’s Simon Rooney, Paul Ryan and James Douglas negotiated the sale of the landmark amusement attraction on behalf of global investment firm Brookfield. The sale was subject to consent by the Luna Park Reserve Trust for the change of control of Luna Park Sydney from Brookfield to the Oscars Group to ensure that Luna Park remains a vibrant and successful amusement park for the enjoyment of the people of Sydney and NSW.
Oscars Group Managing Director Bill Gravanis said: “We are excited to be acquiring Luna Park and look forward to working with the team. 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.”
Rooney said: “The Luna Park business was a sought-after investment given its unique location on the shores of Sydney Harbour. 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.”
Luna Park CEO John Hughes said: “As Luna Park Sydney enters its 90th year, we have exceptional momentum in the business generating record ticket sales and visitation. 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.”
Luna Park Sydney features 17 amusement rides, the heritage-listed Coney Island, 7,000sqm of building floorspace including Sydney’s Immersive Big Top and the 1935-built Crystal Palace as well as a 389-space car park.
This follows a recent major investment in redeveloping the park’s Big Top as a 3,000sqm multi-purpose venue, catering to growing global demand for captivating and all-in experiences.
According to the Australian Financial Review a source close to the deal said that while initial sale price expectations were for around $70 million, the amusement park changed hands for a price in the mid-$50 million range.