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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