Sydney's Luna Park sells to Aussie family company after an international campaign

Emily Power|8 hours ago

Sydney’s iconic Luna Park, which was listed for sale for the first time in 20 years, is back in Aussie hands.

After an international campaign which launched in June, New South Wales-based pub and hotel business Oscars Group has inked the contract for the heritage-listed Milsons Point site.

The price for Luna Park, offloaded by Canadian investment giant Brookfield, is hush hush, but hopes when it launched on the market were in the realm of $70 million.

The sum paid would not be disclosed, the real estate agency said in a statement.

CBRE represented Brookfield, who are handing the harbour landmark over to one of NSW’s largest privately-owned hospitality operations, founded by the Gravanis family.

Agents Simon Rooney, Paul Ryan and James Douglas did the deal, fielding offshore as well as Australian business interest, a statement from CBRE confirmed.

Rooney, CBRE’s head of capital retail markets, said properties like Luna Park are rarely on offer, which drove appetite.

“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.”

Oscars Group intends to build on Luna Park’s legacy. The company owns pubs, accomodation, restaurants and retail throughout New South Wales. Its substantial portfolio includes the Novotel Wollongong, Palm Bay Resort in the Whitsundays, Oakridge in Brisbane, the Bankstown Hotel, the Southern Cross pub in St Peters and the Camperdown Hotel.

Managing director Bill Gravanis said in a statement the business will ensure Luna Park’s place in the highest tier of places to visit in Sydney.

The Big Top at the park was recently renovated, covering 3000 square metres of space that can be used for a variety of events.

“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business,” Gravanis said.

“Our goal is to further establish Luna Park as a top five tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.”

The acquisition includes a car park for 389 vehicles and all 17 rides and amusements, the best known of which is the heritage-protected Coney Island fun house.