Sydney’s Luna Park is up for sale for the first time in 20 years.
The iconic amusement park, first opened in 1935, is up for grabs for roughly $70 million, 7NEWS.com.au understands.
The sale is for Luna Park as a business, with the precinct listed on the NSW State Heritage Register meaning it must remain as an entertainment venue.
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Several of the buildings inside the park are also listed individually on the register, including the Coney Island building.
“The sale presents a unique opportunity to secure the Luna Park business in a globally recognised Sydney landmark underpinned by outstanding investment fundamentals and a strong brand,” Simon Rooney from global commercial real estate firm CBRE said.
“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 with further upside.”
Over the last four years Luna Park has undergone a $40 million upgrade including the redevelopment of the park’s Big Top as a 3000 sq m multi use venue.
Alongside the Big Top and Coney Island, the park features 17 rides, Crystal Palace and almost 400 carpark spaces.
“Since opening in 1935, Luna Park has played an important role in Sydney’s social and cultural fabric. The business has undergone a strategic transformation,” Luna Park chief executive John Hughes said.
“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”
The park is inspired by the first Luna Park which opened on Coney Island, New York in 1903.
Sydney’s Luna Park was the third of its kind to open in Australia, with Luna Park Melbourne opening in St Kilda in 1912, and Luna Park Glenelg in Adelaide opening in 1930.
On June 9, 1979 the park’s Ghost Train ride burnt down while it was being used.
Seven people died, including six boys, and the park was immediately shut down.
Most of the park was demolished and a new amusement park was constructed but was closed again in 1988 before reopening again in its current form in 2004.
The park will continue to operate as normal throughout the sale process.
Expressions of interest close in late August.