Pubs and hotels operator Oscars Group has swooped on Sydney’s Luna Park, acquiring the landmark property from Canadian investor Brookfield with plans to upgrade the iconic amusement park to cement its position as a tourism drawcard.

The price paid for the near century-old property has not been disclosed.

The privately-owned Oscars Group, a Sydney-based company with a national portfolio of 43 properties including events centres and retail assets, has beaten a strong contingent of domestic and international buyers to secure the property.

Luna Park was placed on the market by Brookfield in June via an expressions of interest campaign conducted by CBRE’s Simon Rooney, Paul Ryan and James Douglas.

CBRE notes that the sale was subject to consent by the Luna Park Reserve Trust to ensure that Luna Park “remains a vibrant and successful amusement park for the enjoyment of the people of Sydney and NSW”.

Oscars Group managing director Bill Gravanis says the iconic property offers “outstanding investment fundamentals, strong brand value and recognition”, adding that the group is looking forward to working with the Luna Park team.

“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business,” says Gravanis.

“Our goal is to further establish Luna Park as a top five tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.”

Luna Park remains a mainstay for tourists visiting the harbour city with the venue hosting its own long-running events such Halloscream and New Year’s Eve, while also leveraging collaborations with festivals such as Sydney Festival, Vivid and Lunar New Year.

“As Luna Park Sydney enters its 90^th year, we have exceptional momentum in the business generating record ticket sales and visitation,” says Luna Park CEO John Hughes.

“We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park,” says Hughes.

“Our upcoming summer will be the biggest on record with the launch of our Netflix partnership, the world-premiere of the Vegesaurs experience, our famous NYE festival and the launch of the heritage-listed Wild Mouse roller coaster following its two-year restoration.”

Luna Park Sydney features https://www.businessnewsaustralia.com/17 amusement rides, the heritage-listed Coney Island, 7,000sqm of building floorspace including Sydney’s Immersive Big Top and the https://www.businessnewsaustralia.com/1935-built Crystal Palace as well as a 389-space car park.

The property has benefitted from a major investment in redeveloping its Big Top as a 3,000sqm multi-purpose venue, catering to growing global demand for “captivating and all-in experiences”.

Rooney, the Pacific region head of retail capital markets for CBRE, says that trophy assets such as Luna Park are tightly held and rarely traded, which led to significant buyer interest during the expressions of interest campaign.

“The Luna Park business was a sought-after investment given its unique location on the shores of Sydney Harbour,” says Rooney.

“The diverse opportunities to leverage the existing assets and customer base to drive revenue growth via additional amusement, immersive and food and beverage initiatives were key drawcards for domestic and global buyers seeking value-add investment opportunities.”