Oscars Group Snaps Up Sydney's Luna Park; plans restaurants and bars
Sydney Harbour's iconic Luna Park has found a new owner in the Oscars Group. The low-profile hospitality company plans to breathe new life into the aging amusement park by introducing a series of waterfront restaurants and bars.
Oscars is known for its traditional pubs and hotels and has been expanding its portfolio into leisure destinations across Australia, capitalising on the post-pandemic tourism boom. The acquisition of Luna Park aligns with this strategy, as the company seeks to revitalise the historic site and attract a wider audience.
The park was listed for sale in June by Brookfield, a Canadian conglomerate that acquired it through its 2007 purchase of Multiplex. The sale was initially expected to fetch up to $70 million, but attracted significant interest from global investors, including billionaire trophy hunters and major entertainment companies.
The acquisition by Oscars, a well-capitalised local player with deep knowledge of Sydney's leisure market, positions Luna Park for a major overhaul. The company aims to transform the park into a family-friendly destination during the day, while competing with the emerging entertainment precincts of Barangaroo, Circular Quay, and Merivale's venues.
Founded by the Gravanis brothers in the 1980s, Oscars Hotel Group has grown into a substantial hospitality business with over 30 properties. Its portfolio ranges from suburban pubs to larger assets like the Novotel Wollongong and Brighton Beach, as well as several locations on the NSW Central Coast.
“It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business. 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 said.
CBRE's Simon Rooney, Paul Ryan, and James Douglas brokered the sale, subject to approval from the Luna Park Reserve Trust. Rooney noted the scarcity of such iconic assets, explaining the strong local and international buyer interest in Luna Park.
“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 food and beverage initiatives were key drawcards for domestic and global buyers seeking value-add investment opportunities,” Rooney said.
Luna Park chief executive John Hughes said, “We’re excited about this next chapter, and the opportunities that Oscars Group ownership will bring to the park.”
Hughes highlighted several new attractions for Luna Park Sydney, including the world premiere of Vegesaurs, the annual NYE festival, and the newly restored Wild Mouse roller coaster.
Oscars has been expanding its portfolio, recently acquiring properties like the Crowne Plaza Surfers Paradise and Long Island, signalling its ambition in the tourism sector.
Jonathan Jackson, 3rd December 2024
