Luna Park Sydney Just for Fun Project Presentation for Economic Investment Appraisal Prepared by...

Luna Park SydneyJust for Fun

Project Presentation for

Economic Investment Appraisal

Prepared by Simon Tang

22 June 2002

aka Amusement Park at your Doorstep

Background

Why Pick this project ?

Background

• Managed by Metro Edgley – JV between Metro Theatre, Michael Edgley, Multiplex and Banker’s Trust

• Park is re-opened in April 2004

Background

• The Park is Owned by Luna Park Reserve Trust and Managed under Sydney Harbour Foreshore Authority

• In Feb 2001 the development of the Park was declared as of “State Significance” and development consent (“DA”) responsibility was transferred from North Sydney Council to State Government

The Boring Part

• $100 million Investment (Land is worth $10 million – owned by Luna Park Reserve Trust)

• Expected Park Patrons 900,000 p.a.

• Expected Function Attendants 265,000 p.a.

• Calculation of the NPV ????

The Fun Part

All’s Well is Well ………..

We Want More …..

• The managing director of Luna Park Sydney, Peter Hearne, said the company needed to pay off $10 million in debt with the proceeds of the 14-storey building. … SMH 31 May

Luna Park 'at risk if office building blocked'

Luna Park revamp draws raspberry from Mayor

Luna Park Boss Fires Up Highrise Blowtorch

Tower tumbles Park plan tumbles

PROTEST RALLY AT LUNA PARK

Luna Park screaming, and council can do nothing to stop it

Noisy Neighbours

Mosman Daily 10 June pp.1

Other Costs

• Blocked View

• Noise

• Traffic

• Parking Issues

• Drunken Patrons at Night

• ….

• ….

The Future ..

The End