For the first time in 20 years, Sydney’s iconic Luna Park has changed hands, returning to Australian ownership.
The heritage-listed amusement park, located on the shores of Sydney Harbour, has been sold by its previous owner, Canadian investment firm Brookfield, to New South Wales-based hospitality group Oscars Group.
The sale followed an international campaign launched by Brookfield in June. Simon Rooney of CBRE, who managed the transaction, noted the significant interest generated by the sale from both domestic and international investors. 
“The Luna Park business was a sought-after investment given its unique location on the shores of Sydney Harbour… The diverse opportunities to leverage the existing assets and customer base to drive revenue growth via additional amusement, immersive and F&B initiatives were key drawcards for domestic and global buyers seeking value-add investment opportunities.”
CBRE Agent Simon Rooney
Oscars Group, NSW’s largest privately owned hospitality group, emerged as the successful bidder, beating out other contenders, including operators of the Gold Coast theme parks.
While the final sale price has not been disclosed, initial estimates suggested the property could fetch around $70 million. However, reports indicate the final figure was closer to $50 million.
Founded by the Gravanis family, Oscars Group operates a diverse portfolio of hospitality assets, including the Novotel Wollongong, Palm Bay Resort Whitsundays, and the Oakridge in Brisbane. Managing Director Bill Gravanis expressed enthusiasm for the acquisition, emphasising the company’s commitment to preserving Luna Park’s legacy.
“We are excited to be acquiring Luna Park and look forward to working with the team. It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business.”
Oscars Group Managing Director Bill Gravanis
The Luna Park Reserve Trust, responsible for overseeing the heritage-listed site, required assurances that the park’s legacy and operations would be maintained as a condition of the sale.
First opened in 1935, Luna Park is home to 17 amusement rides and recently underwent a $40 million upgrade to meet growing visitor demand. Under its new ownership, the park is set to continue its role as one of Sydney’s most beloved attractions.
