Want to buy Luna Park? Iconic landmark listed for sale, and it can be yours for around $70 million.

By ANNA USHER

The for sale sign has been put up on Sydney’s Luna Park, with a price tag of around $70 million.

It is the first time the iconic landmark has been on the hunt for new owners in two decades.

The land is owned by the NSW state government entity, the Luna Park Reserve Trust and must remain an entertainment venue even after the sale.

Canadian asset manager Brookfield has confirmed marketing the amusement park through local real estate agency CBRE.

Announcing the sale on Wednesday, Luna Park Sydney chief executive John Hughes said the beloved attraction had played an essential role in Sydney’s social and cultural fabric for the past 89 years.

“The business has undergone a strategic transformation, with a $40 million upgrade during the last four years adding new rides and immersive experiences, both of which are driving record visitation.”

Over its almost 90-year history, Luna Park has survived transformations, temporary closures and noise complaints from Milsons Point residents, who have at times threatened the historic site’s future.

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, plus an underground carpark.

CBRE’s head of retail capital markets for the Pacific, Simon Rooney, said the scarce opportunity to purchase the landmark venue was tipped to draw significant domestic and international interest.

“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 destination,” he said.

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.

The 3000-capacity Big Top venue, which hosts music performances and events, opened in 2004.

Luna Park Sydney was first opened in October 1935 following the success of the original theme park of the same name in New York.

It was shut down on several occasions, most notably after the deadly Ghost Train tragedy in 1979, in 1988 for renovation, and in 1996 following a legal stoush with nearby residents over noise complaints and financial troubles.

It reopened in 2004 and has since been listed on the NSW Heritage Register.

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

Hughes, who took on the job in 2022, said the park’s management team was “pursuing a strong pipeline of new opportunities that will further add value to the business”.

Brookfield has owned the park for two decades but said it was the right time to pass to new ownership.

“We have been proud owners of Luna Park Sydney for the last 20 years and have invested $40 million since 2019 to enhance its operations,” Brookfield Managing Director and head of real estate investments in Australia Ruban Kaneshamoorthy said.

“As we focus our Australian portfolio on core assets, it’s time for Luna Park to transition to new custodians, who can steer the business through to its next phase of growth and ensure it remains an icon of the Harbour City.”

The park will operate as usual during the sale process.