Cairns waterpark project again in doubt as dispute halts development

Work on the $45 million Adventure Waters attraction in Cairns has ground to a halt after a reported breakdown of the relationship between developer Paul Freebody and his principal investor.

Site preparation work for the development began in October but was halted when multi-millionaire investor Chris Morris reportedly attempted to take over the project from Freebody.

Morris' Colonial Leisure Group bought into the project in July this year as part of a $250 million investment in North Queensland, which includes ownership of the Daintree Ecolodge, Nautilus Aviation, Townsville Casino, Mt Mulligan Station and the Tyrconnell Historic Gold Mine.

Morris’ investment looked sufficient to ensure that the troubled waterpark project, to be built on a 7 hectate block fronting the Captain Cook Highway at Smithfield and first proposed in 2008, would proceed.

The Cairns Post reported having sighted emails between the Morris and Freebody which shows Morris has started proceedings to take over the watepark, offering three options to Freebody: a total buyout, buying the land and approvals, or for Freebody to remain as ‘passive investors’.

Freebody has reportedly rejected the buyout and says the takeover bid is not fair or reasonable.

Morris reportedly demand the transfer of land, plant and equipment and intellectual property to a trust before Christmas and is seeking to terminate Freebody’s role as General Manager and wife Kim’s job as a bookkeeper.

Since being proposed in 2008, the project has been delayed by planning disputes with the Cairns Regional Council, access issues and concerns over drainage followed by difficulty financing the project as a result of the global financial crisis. Most recently, the project was held up over electricity supply issues with Ergon Energy.

With site work having commenced in October, as of late that month Freebody was discussing plans for further stages at the waterpark with the Cairns Chamber of Commerce.

The most recently advised date for opening Adventure Waters is late 2016.

Neither party is discussing the matter with media.

Click here to view the original article in The Cairns Post.

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