By Megan Gorrey
A NSW hospitality company has been revealed as the new owner of Sydney’s famous Luna Park, months after the beloved harbourside attraction hit the market for the first time in two decades.
Luna Park and real estate company CBRE said on Monday that Oscars Group had purchased the amusement park for an undisclosed amount from global investment firm Brookfield.
Luna Park features 17 rides, carnival games, the state heritage-listed Coney Island funfair, the Big Top and Crystal Palace.Credit: Peter Rae
The park, which opened in 1935, was listed for sale for about $70 million in June, sparking an international search for a new owner to acquire the business, the buildings and long-term lease.
Oscars Group managing director Bill Gravanis said on Monday he was “excited” to acquire the park.
“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.
“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 land beside the Harbour Bridge at Milsons Point is owned by the Luna Park Reserve Trust, a NSW government agency, and the site must remain a fun park.
Luna Park and CBRE said the sale was subject to the trust’s consent “to ensure Luna Park remains a vibrant and successful amusement park for the enjoyment of the people of Sydney and NSW”.
Oscars Group was founded by the Gravanis brothers in 1986 and operates a large portfolio of hotels, resorts, pubs, events centres, commercial and retail assets across the east coast of Australia.
They include The Como Hotel, and the Novotel hotels in Wollongong and Brighton-le-Sands.
Luna Park chief executive John Hughes welcomed the sale to NSW-based hospitality company Oscars Group.Credit: Brook Mitchell
Luna Park chief executive John Hughes said there was “exceptional momentum in the business generating record ticket sales and visitation” as the attraction entered its 90th year of operation.
“We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park.
“Our upcoming summer will be the biggest on record, with the launch of our Netflix partnership, the world premiere of the Vegesaurs experience, our famous New Year’s Eve festival and the launch of the heritage-listed Wild Mouse rollercoaster following its two-year restoration.”
The park has survived numerous transformations, temporary closures and a string of battles with residents of nearby apartment buildings, who long complained about noise and lighting levels.
Beyond its toothy entrance, Luna Park features 17 rides, carnival games, the state heritage-listed Coney Island funfair, the Big Top and Crystal Palace event spaces and an underground car park.
A $30 million upgrade in 2021 added nine rides, including a new Big Dipper inline seating launch roller coaster, the Boomerang, Little Nipper, Sledgehammer, Freaky Frogs and Loopy Lighthouse.
Last year, a $15 million high-tech fitout of the circus tent-like Big Top created a 50-minute show, Dream Circus, which the park touted as the city’s first permanent immersive-experience attraction.
The Art Deco-style attraction is based on the success of the first Luna Park, which opened on Coney Island, New York, in 1903.
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