Sydney landmark listed for sale

The iconic Sydney landmark Luna Park has been placed on the market. Picture: NewsWire/ Bianca De Marchi

Sydney’s iconic Luna Park has been listed for sale, with the multimillion-dollar listing expected to generate heavy domestic and international interest.

The Milsons Point amusement park could sell for up to $70m, with CBRE agents Simon Rooney, James Douglas and Paul Ryan running the campaign.

“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,” Mr Rooney said.

Expressions on interest will close in late-August and the park will continue running, business-as-usual, during the sales process.

Luna Park is for sale. Picture: NewsWire / Damian Shaw

The site is owned by Canadian construction heavyweight Brookfield under a long-term lease that expires in 2040; however, under NSW legislation it must remain an entertainment precinct and cannot be redeveloped into residential dwellings.

Announcing the sale, Luna Park Sydney chief executive John Hughes spoke to the park’s commercial value.

“The business has undergone a strategic transformation, with a $40m upgrade during the last four years adding new rides and immersive experiences, both of which are driving record visitation,” he said.

“Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business.”

Modelled after New York’s famed Coney Island, the Sydney site opened in 1935 and is now

home to 17 rides, a heritage-listed Coney Island funfair and a Crystal Palace and Big Top event space.

In 2016, the NSW government paid Brookfield $3.2m to buy back a 500sq m clifftop site, which has since been turned into a public park.

At the time, then finance minister Dominic Perrottet spoke glowingly of “returning” the site to the people of NSW and said it would “encourage foot traffic along the clifftop and provide locals and visitors with new views of our harbour”.