30°C | Tuesday January 14, 2025 
2 December 2024
Oscars Group, one of New South Wales’ largest private hospitality operators, has agreed to acquire Sydney’s Luna Park, pending approval from the Luna Park Reserve Trust. The sale marks a change of control from current owner Brookfield, which enlisted CBRE to manage an international sales process.
CBRE representatives Simon Rooney, Paul Ryan and James Douglas facilitated the transaction. They emphasised the park’s enduring appeal, with Rooney highlighting its scarcity as a “trophy asset” that attracted strong interest from both domestic and international buyers. He cited opportunities to expand the park’s attractions and revenue streams as key drivers of its investment appeal.
Oscars Group Managing Director Bill Gravanis characterised the acquisition as a strategic fit for the company’s portfolio, which spans hotels, pubs, retail and event spaces across Australia’s eastern seaboard. Gravanis described Luna Park as “an iconic waterfront landmark” and outlined plans to enhance its status as both a leading tourist destination and an entertainment precinct for Sydney residents.
The amusement park, which celebrates its 90th anniversary next year, is poised for what CEO John Hughes described as its “biggest summer on record.” Hughes pointed to a series of high-profile initiatives, including a partnership with Netflix, the premiere of a “Vegesaurs” experience, and the reopening of the heritage-listed Wild Mouse roller coaster following an extensive restoration.
Hughes also noted the park’s strong recent performance, citing record ticket sales and visitor numbers. He expressed optimism about the benefits of the forthcoming ownership change, which he said would “bring new opportunities” to the business.
Luna Park Sydney spans 7,000sqm of building space and features 17 rides, including the heritage-listed Coney Island, the Big Top event venue and the historic Crystal Palace. The site has also undergone significant recent upgrades, such as the redevelopment of the Big Top into a 3,000sqm multipurpose venue.
The park’s calendar is anchored by recurring events including Halloscream, the New Year’s Eve festival and collaborations with city-wide initiatives such as Vivid Sydney and Sydney Festival.
The transaction underscores Oscars Group’s continued diversification within the hospitality sector and its alignment with Sydney’s broader push to enhance its cultural and recreational offerings.
The park was listed for $70 million but it is unclear if this goal was realised.