Sydney’s iconic Luna Park has been listed for sale with the multi million-dollar listing expected to generate heavy domestic and international interest.
The Milson’s Point amusement park could sell for up to $70m, with CBRE agents Simon Rooney, James Douglas and Paul Ryan running the campaign.
“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,” said Mr Rooney.
The site is currently owned by Canadian construction heavyweight Brookfield under a long-term lease which expires in 2040, however under NSW legislation it must remain an entertainment precinct and cannot be redeveloped into residential dwellings.
Announcing the sale, Luna Park Sydney’s chief executive John Hughes spoke to the park’s commercial value.
“The business has undergone a strategic transformation, with a $40m upgrade during the last four years adding new rides and immersive experiences, both of which are driving record visitation,” he said.
“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”
More to come