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Luna Park expected to sell for about $70 million

Sydney’s iconic amusement park, Luna Park, has hit the market for the first time in two decades. 

The long-term owners, developer Brookfield, made the announcement Wednesday morning, sparking interest from both domestic and international buyers. 

Brookfield has controlled the Milsons Point fun park for the past 20, and the sale is anticipated to fetch around $70 million for the buildings and the long-term lease over the land, according to the Daily Telegraph.

Luna Park Sydney Chief Executive Officer, John Hughes, said in a statement that $40 million in upgrades had been made to the park over the past four years. 

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

“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”

Simon Rooney of CBRE, one of the three agents appointed to lead the sale process, expects significant interest from potential buyers. 

“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,” he said.

Luna Park, a state-heritage listed site, has been a fixture on the Milsons Point foreshore for almost 90 years. 

Over the years, it has faced numerous challenges, including the tragic Ghost Train fire in 1979, which claimed the lives of six children and one adult. 

More recently, the park temporarily closed during the Covid-19 pandemic, reopening with nine new rides, including a new Big Dipper inline seating launch roller coaster, the Boomerang and the Little Nipper.

Last year a $15 million high-tech fitout of the circus tent-like Big Top created a 50-minute show called Dream Circus.

The amusement park has also dealt with noise complaints from nearby residents. 

Despite the impending sale, Luna Park will continue to operate as usual, with expressions of interest expected to close in late August. 

The park boasts 17 amusement rides, the heritage-listed Coney Island, 7000sq m of building floor space, including Sydney’s Immersive Big Top, the 1935-built Crystal Palace, and a 389-space car park.

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