Aventuur advises of investment initiatives for new Perth Surf park

Backers of the $100 million Perth Surf Park are presenting a $10 million loan note offer pitched to surfers and other interested parties to raise investment for the project.

Launched this week on the Western Australia-based Liquidity investment platform by developer USA-based Aventuur, the notes offer owners a coupon rate of 10%, which can be converted each year to the equivalent in-kind benefits at the wave lagoon.

In addition to the notes, Aventuur is seeking to raise $37 million in equity in a campaign led by a group involving former Tattarang Chief Executive Andrew Hagger.

Aventuur Chairman and Chief Development Officer Andrew Ross said the business had also secured a $56 million facility from a private debt fund, as it looks to deliver Australia’s third land-based artificial surfing attraction.

Backed by Perth family office Wyllie Group, Aventuur has spent about $10 million to date on the project, to be located in the suburb of Jandakot, for which it was chosen as preferred proponent by the Western Australian Government in 2021.

Ross, formerly of URBNSURF Group, which developed artificial surf attractions in Melbourne and Sydney, said the loan notes were designed to appeal people who wanted to participate below the minimum equity investment of $500,000.

The six-year loan notes will cost $50,000, offer a 10% return per annum, with the capital returned at the end of the period.

Once the park is operating, noteholders may elect each year to use the facilities instead of receiving interest.

The benefits include access to the park, 60 public surf sessions per year that can be shared, an hour’s off-peak hire of one of the facility’s reef areas, plus other perks.

Ross told Perth publication Business News that “this product gives them a sense of ownership.”

Based on past experience and Perth’s demographics, Ross expects significant demand for the wave park notes from those who want consistent access to surfing for themselves, their family or as business-related benefit.

Last year, the Metro Outer Joint Development Assessment Panel gave Aventuur approval to build the surf park on a 5.7-hectare lot opposite the Cockburn Central railway station.

In addition, the Western Australian Government has leased the parcel of land on the corner of Prinsep Road and Knock Way to develop a surf park including accommodation, restaurants, a health and wellness centre, along with related amenities.

The attraction will use Wavegarden cove technology to provide a surfing lagoon, for beginners to expert surfers, and is expected to open in early 2027.

Ross, a former oil and gas executive who hails from Western Australia, said the current plan included a glamping accommodation option, while a hotel could also be incorporated in the project.

He added “we hold the site under a long-term lease arrangement with WAPC, but if we could acquire the freehold, it may allow us to consider the development of a hotel in the future.”

Ross spent many years with URBNSURF attempting to develop a wave park on the banks of the Swan River in Melville - a development halted in 2019 due to community pressure.

Images: Bryant McLarty from Liquidity with Aventuur's Andrew Ross and Bryant McLarty from Liquidity (top, credit: Michael O’Brien/Business News) and concepts for the new Perth Surf Park (middle and below).