Sydneys Luna Park Sells to Aussie Family Company After an International Campaign
Luna Park Sydney, an iconic amusement park featuring 17 rides and a 389-vehicle car park, has been acquired by Australian hospitality company Oscars Group following CBRE's international sales campaign in June 2024. While the exact sale price remains undisclosed, industry experts estimate the transaction value at approximately $70 million. The acquisition marks the end of 20+ years of Canadian ownership and signals a return to local Australian control. Oscars Group plans to transform the waterfront attraction into one of Sydney's top five tourist destinations through significant upgrades to rides, entertainment offerings, and food services. The property's prime harbor location and development potential suggest promising opportunities ahead.
Historic Sale Details
After more than two decades under Canadian ownership, Sydney's iconic Luna Park has been acquired by Oscars Group, a family-owned hospitality company based in New South Wales.
The sale background reflects a significant ownership shift following an international campaign launched by real estate agency CBRE in June 2024.
While the final sale price remains undisclosed, industry experts speculate the figure to be approximately $70 million. The transaction included the transfer of 17 rides, a 389-vehicle car park, and the recently renovated Big Top venue spanning 3,000 square meters.
"This sale represents one of Sydney's most unique commercial offerings in recent years," stated CBRE's representative, noting the property's exceptional waterfront position and development potential attracted substantial interest from both domestic and international investors during the campaign.
Local Ownership Takes Control
The Gravanis family-owned Oscars Group has emerged as the new steward of Sydney's beloved Luna Park, marking a significant shift to local Australian ownership.
The acquisition, which includes 17 rides and a 389-vehicle parking facility, positions the NSW-based hospitality company to enhance the park's community engagement while preserving its family legacy.
The shift to local ownership brings several key advantages:
- Enhanced focus on Sydney's entertainment needs through the company's regional experience
- Integration with existing NSW hospitality venues under Oscars Group management
- Commitment to positioning Luna Park among Sydney's top five tourist destinations
Industry experts note that the Gravanis family's experience in hospitality operations across New South Wales provides a strong foundation for maintaining Luna Park's iconic status while implementing strategic improvements to visitor experiences.
Location and Investment Value
Sydney's unique waterfront location has proven to be a significant driver behind Luna Park's impressive investment value. The iconic amusement park's position on Sydney Harbour, combined with its 389-vehicle parking facility and 17 rides, has attracted substantial buyer interest during the international sales campaign.
CBRE, the agency handling the sale, emphasized the property's exceptional waterfront appeal, noting its rarity in Sydney's commercial real estate market.
"Properties of this caliber, with such prime harbor frontage, seldom become available," stated CBRE representatives.
The site's investment potential is further enhanced by its diverse revenue streams, including the newly renovated 3000-square-meter Big Top venue and opportunities for additional attractions.
The location's accessibility and visibility have positioned Luna Park as a prime candidate for value-add investments in Sydney's competitive property landscape.
Entertainment Hub Transformation Plans
Under new ownership by the Gravanis family's Oscars Group, Luna Park is poised for a significant transformation into a premier entertainment destination.
The company's strategic vision includes extensive plans to enhance visitor experiences while preserving the park's historic charm.
The transformation strategy encompasses:
- Renovation of the 3000-square-metre Big Top venue for diverse entertainment events
- Implementation of new ride enhancements and immersive experiences
- Development of expanded food and beverage offerings throughout the precinct
The Gravanis family aims to position Luna Park among Sydney's top five tourist destinations, focusing on attracting both local residents and international visitors.
"Our investment in Luna Park represents a commitment to creating a world-class entertainment hub," stated company representatives, highlighting plans to leverage the park's iconic location while modernizing its attractions.
Market Impact and Opportunities
Luna Park's strategic sale to Oscars Group signals a significant shift in Sydney's premium commercial property landscape, generating ripple effects across both the entertainment and real estate sectors.
CBRE's market analysis indicates that investment strategies targeting iconic leisure destinations are gaining momentum, particularly given Luna Park's rare waterfront position.
"The sale represents a unique opportunity to capitalize on Sydney's tourism growth, with the potential to position the park among the city's top five attractions," notes CBRE's representative.
The transaction's impact extends beyond the immediate vicinity, setting new benchmarks for commercial property valuations in premier harbor locations.
With a car park capacity of 389 vehicles and 17 operational rides, the asset offers substantial development potential, while its first listing in two decades underscores the scarcity of such investment opportunities.
Final Thoughts
The acquisition of Luna Park by Oscars Group represents a pivotal moment in Sydney's entertainment landscape, marking the first ownership change in two decades. The transaction, estimated at $70 million, positions the historic amusement park for significant growth under local stewardship. With planned enhancements to visitor experiences and infrastructure development, Luna Park's role as a premier waterfront destination appears secure, ensuring the preservation and evolution of this iconic Australian landmark for future generations.
