Sydney’s iconic Luna Park sold

In the lead-up to its 90th anniversary, one of the nation’s most iconic landmarks has changed hands after a hotly contested sale.

Luna Park officially has a new owner, with NSW hospitality giant Oscars Group swooping in to buy the iconic attraction from international investment firm Brookfield.

It's the first time the park has changed hands in almost 20 years, with chief executive John Hughes saying “the exciting new chapter” comes at a time of “exceptional momentum” for the 89-year-old icon.

Beginning in June, the sale was managed by commercial real estate company CBRE and required final approval by the Luna Park Reserve Trust.

The sale follows major investment at the site, including $40m in upgrades over the last four years. Picture: NewsWire / Gaye Gerard

CBRE’s Simon Rooney, who helped negotiate the sale, said the attraction’s reputation and location “spurred strong local and offshore buyer interest.”

Expressions of interest and offers came from a range of potential buyers, including the operators of Gold Coast theme parks Warner Bros. Movie World and Dreamworld, but the winning bid came from the state’s largest privately owned hospitality group.

Oscars Group managing director Bill Gravanis said the harbourside icon presented a great opportunity for the business.

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

Luna Park Sydney first opened in 1935 and features 17 amusement rides, the heritage-listed Coney Island, 7000sq m of building floorspace, including an immersive big top, and the iconic Crystal Palace, which will turn 90 next year. The sale also included a 389-space carpark.

The sale follows four years of renovations costing $40m. It’s believed the initial asking price was about $70m mark.