Legal tangle surrounding new Sunshine Coast attraction involves former surfing star

Sunshine Coast consultancy Waterplay Pty Ltd, who spent over five years planning and developing the new waterpark and recreation attraction proposed for a site on Steve Irwin Way in Gleniview, and who have already commenced legal action in the Brisbane Supreme Court against the current developers, are now also involved with a District Court Case brought against them by some minority shareholders in one of the companies Waterplay formed to undertake the project.

One of the minority shareholders taking this action is MNSBJ Pty ltd a company owned by local surfing hero Julian Wilson.

Before assigning the Project to developers Sanad Capital, Arthur Downing of Waterplay located the site, negotiating the land purchase, master planned the project and securing re-zoning from Sunshine Coast Council.

The Supreme Court case against Sanad Capital claims that a $1.25 million assignment fee was not paid when the land was purchased by them in December 2015 and that part of this fee was due to be paid to Wilson and the other minority shareholders.

The minority shareholders, including Wilson’s company, are taking legal action against Downing for failure to purchase the shares they hold when the new owners purchased the land as part of the call option assignment.

In September 2016, Downing wrote to the minority shareholders and their lawyers requesting that they delay their court action until such time as the Supreme Court case against the Developers is resolved since this represents the best and fairest way of them receiving their money.

The shareholders, including Wilson, chose instead to proceed with a district court action was due to be heard in the Brisbane District Court last Thursday (9th March).

Downing reiterates that he has the highest possible respect for Julian Wilson and his achievements. The ACTVE waterpark project, which Waterplay continues to support because of the work undertaken and the benefits that could accrue, recently received development approval for its first stage from the Sunshine Coast Council. 

Image used for illustrative purposes only.

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