A roller coaster-like luge ride, 360-degree viewing platforms and an immersive light and sound show are part of $25 million plans by Rich Lister Peter Gunn and NAB director Simon McKeon to turn Mornington Peninsula’s cable car ride into one of the country’s most successful tourist attractions.

Billionaire investor Mr Gunn and Mr McKeon, who as well as his director duties was chancellor of Monash University, jointly own Arthurs Seat Eagle, a gondola ride that takes visitors on a 20-minute scenic swoop over Arthurs Seat State Park, about two hours from Melbourne.