Liquidators appointed to company behind planned Sunshine Coast resort and waterpark

Sanad Capital Pty Ltd, the company behind a planned multi-million dollar resort, surfing lagoon and waterpark on the Sunshine Coast, has been forced into liquidation

According to Australian Securities and Investments Commission (ASIC) documents Liquidator Tracy Knight from Bentleys was appointed to the company by a Supreme Court order on 24th April.

The company was behind plans to build the Actventure attraction, estimated to cost around $350 million including a wave lagoon on Steve Irwin Way in Glenview.

As reported by Brisbane’s The Courier-Mail, Knight said so far she was aware of a creditor owed an estimated debt of $7.6 million, advising “I am aware that the petitioning creditor’s debt is $7.6 million arising as a result of a guarantee by Sanad of obligations of Nurrowin Pty Ltd under a financing agreement.”

Sanad Capital founder Bradley P. Sutherland placed his separate company, Nurrowin Pty Ltd, into voluntary administration at the end of last year.

Nurrowin, which was the landowner of the Glenview block destined to house the development, is reported to owes creditors a multi-million dollar sum.

The end of administration term report for Nurrowin published on ASIC on 15th April this year stated the company owed more than $19 million to a total of eight creditors.

An estimated $11,690,851 is owed to two secured creditors, while the remaining $7,451,212 is owed to six unsecured creditors.

The development plans were approved for the block on Steve Irwin Way to include 160 villas, a wave pool and two separate water parks in August 2023.

However, the development approval process saw Sanad Capital waging an appeal in the Planning and Environment Court against a rival developer and the Sunshine Coast Council over a similar project at the Glass House Mountains.

Sanad Capital had attempted to appeal the Council’s decision to approve the rival developer’s project shortly after their own, but the appeal was dismissed in June last year.

In 2017 and 2018 Sanad Capital had been involved in litigation with consultants over unpaid fees.

The 25 hectare property was listed for sale earlier this year, with expressions of interest closing on 7th March. However, The Courier-Mail advised that the real estate agent handling the sales has advised that the block had not yet been sold.

According to property data the block was sold to Sanad Capital in 2015 for approximately $4 million.

When launching the concept for the attraction in 2016, Sanad Capital claimed backing from a "Dubai-backed development company".

Images: The concept for the surf lagoon at the Actventure resort (top) and Sanad Capital founder Bradley P. Sutherland (below).