Luna Park - one of Australia’s oldest theme parks - is up for sale.

Open since 1912, the 1.2 hectare park in Melbourne has established itself as one of Australia’s best known attractions. In 2001, the park underwent a (AUS)$10m redevelopment of its rides and attractions, which included the renewal of its ageing infrastructure and refurbishment of existing rides. The park’s heritage-listed facades and rides including the majestic carousel were also restored to their former glory.

Dr Ron Bassett, executive chairman of the park’s current owners, BCR Asset says:

“Luna Park required a great deal of improvement to the heritage-listed features, attractions and facilities when we purchased the park in 1998. Following major redevelopment works and re-opening of the park to the public in October 2001, we were delighted with the immediate success. Luna Park now represents a very attractive opportunity for new investors to capitalise on strong cash flows and the potential for further development.”

Jones Lang Lasalle Hotels, which has been appointed to market the property and business, is confident that the refurbishment of the park will add to its future growth potential.

“We anticipate strong investor interest from tourism and hospitality operators prepared to build on the success of the park’s conference and function business as well as fostering the strong demand for Luna Park’s quality amusement rides and entertainment facilities” says Mark Durran, senior vice president of Jones Lang LaSalle Hotels.

Luna Park is being offered for sale via an expressions of interest campaign which closes on 14 November.