Bill Gravanis, the new owner of the harbourside Luna Park through his family-run Oscars Group, has raised $37.4 million to fund the park’s major revamp. The money was raised through the sale of The Village on Summer Street mall in Orange.
The mall was co-sold by architect Paul Saunders, who partnered with Oscars to purchase the Central Tablelands shopping center for about $22 million in April 2019. Oscars Group has big plans for Luna Park, aiming to transform it into a top-five tourist destination.
Centennial and its retail joint venture partner, Parkstone Funds Management, purchased the 21,090-square-meter landholding, which includes the 4,947-square-meter mall and an additional 2,573 square meters of developable land.
Centennial executive director Paul Ford emphasized the center’s solid income, driven by a largely non-discretionary retail mix, positive growth indicators in the region, and limited new retail space available.
“We are well on track to scale our retail portfolio to over $1 billion, just as the retail sector begins to recover,” Ford said.
The deal was facilitated by Steven Lerche of Savills, Nick Willis, Sam Hatcher, and Sebastian Fahey of JLL.