SANAD Capital has received approval from the Sunshine Coast Council to begin bulk earthworks on its upcoming active lifestyle destination in Australia, ACTVENTURE.
After the work was approved on 4th September 2017, SANAD immediately commenced preparations for ACTVENTURE. The company began to engage local contractors to begin moving earth. Six civil contractors based on the Sunshine Coast and in Brisbane will submit their bids to complete the bulk earthworks for the entire site.
SANAD Capital’s Chief Executive Officer, Bradley P. Sutherland, said said the AUD450 million ($358 million USD) development was reaching a significant milestone.
“We have gone to tender and are in the final stages of completing the bidding process,” he explained, “which will begin the critical work of laying down the foundations of Australia’s most exciting tourism and entertainment project in years.”
According to an Economic Benefits and Needs Analysis study conducted by Urban Economics, the project will create more than 2,000 jobs during construction.
The 24-hectare project will include a state of the art water park, and a great lawn for major events, concerts, and community activities. It will also include a 6,000 square metre retail and restaurant precinct. In later phases of the project, a hotel and an action sports precinct will be added. Plus a huge indoor sport’s training center with parkour, gymnastics and more will be built.
ACTVENTURE, when completed, is expected to add AUD260 million in economic benefit to the Sunshine Coast economy or AUD60 million per year of construction.
SANAD Capital is an offshoot of Dubai-based investment group Najibi. Its plans for ACTVENTURE, previously known as ACTVE, include a state-of-the-art waterpark, a lawn for hosting major events and an outdoor adventure park. A 6,000 square metre retail zone is also planned, together with a choice of restaurants. In July, the company appointed three industry experts as international advisers.
The new construction could create 640 full-time positions.
Image courtesy of SANAD Capital.