Luna Park Sydney: Management confirm iconic site to be sold for first time in two decades

Luna Park in Sydney has been listed for sale – marking the first time in two decades the iconic amusement park has been put on the market.

• List of potential billionaire buyers

Sydney’s Luna Park has been listed for sale – marking the first time in two decades the iconic amusement park has been put on the market.

The long-term owners of the Milsons Point fun park announced the news on Wednesday morning in a move property experts say is expected to generate interest from domestic and overseas buyers.

Luna Park, which has been controlled by developer Brookfield for the last two decades, is expecting the park to change hands for about $70 million for the buildings and long-term lease over the land.

In a statement, John Hughes, chief executive of Luna Park Sydney, said the sale follows major investment at the site including $40-million in upgrades over the last four years.

It is understood Brookfield is seeking to reinvest funding from the sale to other ventures including office space, seniors living developments and student housing.

The amusement park has been listed for sale.

“Since opening in 1935, Luna Park has played an important role in Sydney’s social and cultural fabric,” Mr Hughes said.

“We are achieving record visitation and ticket sales (and) have been able to evolve the amusement park into an all-year round indoor and outdoor experience destination attracting over a million visitors each year.”

Simon Rooney of real estate firm CBRE - one of three agents appointed to lead the sale process - is expecting the sale to generate strong interest from prospective buyers.

He said the sale could also attract major Sydney hospitality groups with the potential for the site to have new entertainment, food and beverage options.

The park has been part of the Sydney landscape since 1935.

“These sorts of sites are very rarely traded and it’s a one-off opportunity to get into the growing entertainment market,” he said.

“As we’ve come out of Covid, the industry is rebounding and the future is strong.” 

The state-heritage listed fun park sits on Crown Land and has been operating on the Milsons Point foreshore since 1935.

Over the decades, the park has faced many hurdles including the Ghost Train fire in 1979 in which six children and one adult died.

In more recent years, the park was forced to temporarily close during Covid-19 pandemic lockdowns before reopening with nine new rides.

The park has also faced intense lobbying from nearby property owners due to the noise from amusement rides impacting their homes.

In 1995, resident-led court action resulted in the operating hours of the Big Dipper heavily restricted. The attraction was later sold to Dreamworld in Queensland.

There was also a Supreme Court case in 2009 over similar noise objections, however the case was dismissed after the court found Luna Park not in contravention of its plan of management.

Luna Park will continue to operate as normal during the sales process with expressions of interest expected to close in late August.

Luna Park Sydney features 17 amusement rides, the heritage-listed Coney Island, 7000 sqm of building floorspace including Sydney’s Immersive Big Top and the 1935-built Crystal Palace as well as a 389-space car park.

Originally published as Luna Park Sydney: Management confirm iconic site to be sold for first time in two decades