Sydney's iconic harbourside theme park, Luna Park, has been put up for sale, with the asking price believed to be in the region of $70 million.
The land the venue is located on is owned by state government entity the Luna Park Reserve Trust, and must remain an entertainment venue even after the sale.
Canadian asset manager Brookfield has confirmed it is selling the amusement park through local real estate agency CBRE.
"The sale presents a unique opportunity to secure the Luna Park business in a globally recognised Sydney landmark underpinned by outstanding investment fundamentals and a strong brand," CBRE's Simon Rooney said.
"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."
Luna Park Sydney was first opened in October 1935 following the success of the original theme park of the same name in New York.
It was shut down on several occasions, including after a deadly fire on the Ghost Train ride in 1979, in 1988 for renovation, and in 1996 following a legal stoush with nearby residents over noise complaints and financial troubles.
It reopened in 2004, and has since been listed on the NSW Heritage Register.
"Since opening in 1935, Luna Park has played an important role in Sydney's social and cultural fabric," Luna Park CEO John Hughes said.
"The business has undergone a strategic transformation, with a $40 million upgrade during the last four years adding new rides and immersive experiences, both of which are driving record visitation.
"Our outstanding management team is pursuing a strong pipeline of new opportunities that will further add value to the business."
It currently has 17 rides plus the heritage-listed Coney Island funhouse, as well as the 3000-capacity Big Top music and event venue.
Brookfield has owned the park for two decades, but said the time was right for it to pass to new ownership.
"We have been proud owners of Luna Park Sydney for the last 20 years and have invested $40 million since 2019 to enhance its operations," Brookfield Managing Director and head of real estate investments in Australia Ruban Kaneshamoorthy said.
"As we focus our Australian portfolio on core assets, it's time for Luna Park to transition to new custodians, who can steer the business through to its next phase of growth and ensure it remains an icon of the Harbour City."