Melbourne’s Luna Park has been sold to a consortium which includes Australian trucking magnate, Lindsay Fox.
Two years after the park went up for sale, Lindsay Fox and Virtual Communities announced that they had purchased the 93-year-old park from current owners BCR Asset Management, for just under AUS$7m and will be operating the park under the name Luna Park Melbourne from 3 October 2005.
Speaking about his latest acquisition, Fox said, “It is our intention to restore the magic of Luna Park, preserve its status as one of Melbourne’s great cultural icons and ensure its viability into the future.”
Over the last five years, the park has had a AUS$10m refurbishment, including a major overhaul of the park’s infrastructure, facilities and amenities, the restoration of its ninety-year-old carousel, the purchase of five new rides as well as a major re-branding campaign. Its iconic entrance, which sees guests walking through a huge mouth to enter the park, has also been rejuvenated.
The new company plans to invest in the further upgrading of facilities, rides and infrastructure of the park, whilst maintaining its cultural heritage. The 120 full-time, part-time and casual employees currently engaged by Luna Park will be offered continued employment.
Fox, who is one of Australia’s wealthiest men, has also lodged a bid to redevelop the site adjacent to the park – called the “triangle” site - which includes the Palais Theatre and the Palace entertainment complex. Port Philip Council has received 15 expressions of interest to redevelop the site, which sits on the foreshore of St Kilda. Applications closed last Friday and a decision is expected by November.
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