Oscars Group, one of many largest privately-owned hospitality teams in New South Wales, has acquired Sydney’s iconic Luna Park.
The amusement park, now in its 90th yr, joins Oscars Group’s portfolio of lodges and resorts, pubs, occasions centres, business and retail belongings, following a world gross sales marketing campaign.
CBRE’s Simon Rooney, Paul Ryan and James Douglas negotiated the sale on behalf of worldwide funding agency Brookfield.
“We’re excited to be buying Luna Park and stay up for working with the group,” mentioned Oscars Group Managing Director, Invoice Gravanis.
“It’s an iconic waterfront landmark on the most effective harbour on this planet that presents an incredible alternative for the Oscars enterprise.
“Our aim is to additional set up Luna Park as a High 5 vacationer vacation spot for guests, while additionally selling it as an leisure precinct for Sydneysiders.
“We want to thank the groups at Brookfield and CBRE for his or her professionalism through the sale course of.”
Luna Park options 17 amusement rides, the heritage-listed Coney Island, 7,000sqm of constructing floorspace together with the park’s Large High – which is to be redeveloped as a 3,000sqm multi-purpose venue – and the 1935-built Crystal Palace, in addition to a 389-space automobile park.
Rooney mentioned the landmark attraction had invited sturdy native and offshore purchaser curiosity.
“The Luna Park enterprise was a sought-after funding given its distinctive location on the shores of Sydney Harbour,” he mentioned.
“The varied alternatives to leverage the present belongings and buyer base to drive income development through further amusement, immersive and F&B initiatives had been key drawcards for home and world consumers searching for value-add funding alternatives.
“As Luna Park Sydney enters its ninetieth yr, we’ve got distinctive momentum within the enterprise producing report ticket gross sales and visitation,” mentioned Luna Park CEO, John Hughes.
“We’re enthusiastic about this subsequent chapter, and the alternatives that Oscars Group possession will carry to the park.
“Our upcoming summer season would be the greatest on report with the launch of our Netflix partnership, the world-premiere of the Vegesaurs expertise, our well-known NYE pageant and the launch of the heritage-listed Wild Mouse curler coaster following its two-year restoration.”
The sale was topic to consent by the Luna Park Reserve Belief to make sure the amusement park stays a vibrant vacation spot for the individuals of Sydney and NSW.
