New life in theme park
Chinese interested in $45m development
A STOP-START plan to open a $45 million theme park near Smithfield remains in play with its developer in deep negotiations with Chinese investors.
Adventure Waters proponent Paul Freebody launched a “sophisticated roadshow” across Australia, Singapore, Hong Kong and China in October in hopes of drumming up support from potential financiers.
He has applied to Cairns Regional Council for a fouryear extension to construction approvals to provide a “more assured time frame” to reassure investors the project will be allowed to go ahead.
“One question that has come up is about the project coming up for renewal in May, so we want to deal with that before it becomes a problem,” Mr Freebody said.
“Our roadshow has proven most successful.
“We’re still not cracking the champagne corks yet but we are quietly confident of moving towards where we want to be.”
The project beside the Captain Cook Hwy was approved in 2009 after years of planning with construction finally starting in mid-2015.
It came to a halt later that year with tourism tycoon and Nautilus Aviation owner Chris Morris making a takeover bid.
The Cairns Post in March 2016 reported Mr Morris had withdrawn from the project.
Mr Freebody said he had been contacted by international investors actively seeking projects to back in Queensland and Cairns. Interest has spiked with the arrival of regular direct flights to and from China.
“It’s interesting that the Chinese like to invest where their people visit,” he said.
“They look at that as a solid investment.
“They understand their clientele and customers because they are of the same group.”
He said the consortium behind the scheme had allowed for a 3 per cent escalation in costs over the past 18 months, which had been included in its budget.
Mr Freebody predicted it would still take a year-and-ahalf to begin construction even if the finance stars quickly aligned themselves.
“There is always going to be sceptics and the only way to silence them is to build it,” he said.
“A project of this size always takes seven to 10 years to get to the end.
“There are a lot of hurdles to go through – there are the objectors you need to deal with through the courts, which we’ve done.
“Now the economy and conditions are all very favourable for the park.
“If it was easy, everyone would be doing it.”
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