Local brothers snare Luna Park Sydney
Brookfield has sold Luna Park Sydney to Oscars Group, led by local brothers, Bill and Mario Gravanis, which is planning to refurbish the already modernised venue as a world class funfair.
The 3.1 hectare Milsons Point holding, abutting Sydney Harbour, is speculated to be trading for just over c$50 million.
About $70m was expected when the leasehold was listed in June.
The deal was subject to approval by the Luna Park Reserve Trust; the state government holds the freehold.
CBRE’s Simon Rooney, James Douglas and Paul Ryan represented Brookfield which acquired the asset with its 2007 takeover of Multiplex.
Another Luna Park revamp
Opened in 1935 and gradually extended, with 7000 square metres of floorspace containing 17 rides, the heritage listed Coney Island and 389 car parks, the Sydney venue underwent a c$40m refurbishment four years ago.
Events held there include Halloscream, the Sydney Festival, Vivid and New Year’s Eve collaborations.
The amusement park shut for three years in 1996 following a surrender from its then leaseholder.
Metro Edgley Group, with Multiplex Facilities Management, was then awarded the contract to run it (story continues below).
“On the best harbour in the world, [Luna Park Sydney] presents a great opportunity for the…business,” managing director, Bill Gravanis, said.
“Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors whilst also promoting it as an entertainment precinct for Sydneysiders,” he added.
Oscars builds book
The Luna Park purchase comes a year since Oscars paid $14.5m for Wollongong’s Unanderra Hotel – near the Five Islands Hotel, which the brothers sold for an impressive short-term profit in 2021.
Last June meanwhile, the group formed part of a syndicate to snare the 11 level Hotel Cairns.
Nearly three years ago, the brothers picked up Brisbane’s Oakwood Guesthouse at the high-profile northern end of the Storey Bridge.
Again in Queensland, in late 2022, the company bought the Crown Plaza Surfers Paradise – its maiden Gold Coat investment.
Oscars has also since May, 2022, held the Casino Canberra, after paying $52m, and the WestWater Hotel and Entertainment Complex, which cost $85m in a deal with the freehold and leasehold owners – the latter, the Hawthorn Football Club.
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