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A company owned by the developer behind the proposed ACTVENTURE waterpark and resort on the Sunshine Coast has gone into administration, with the land to be put on the market.

First proposed in 2016, the much delayed project was to have included not only a waterpark but a PerfectSwell Surf Pool along with a four-star 160-villa family resort and luxury apartments.

Nurrowin Pty Ltd, which has entered administration, with debts believed to total at least $10 million, bought the 25-hectare property on Steve Irwin Way, Glenview, for $4.1 million in late 2015.

Plans for the $350 million waterpark and resort were launched in a blaze of publicity in 2016, but revised over the years.

Nurrowin Director Bradley Sutherland, who is also Chief Executive of project developer Sanad Capital, reported to be backed by Dubai-based investors, revealed his latest vision for the project in May when the project appeared to have been scaled back to become a holiday park.

Subsequently, the Sunshine Coast Council approved a development permit for operational works at the site in August.

The Australian Securities and Investment Commission (ASIC) has confirmed Nurrowin is under external administration, with a receiver and manager appointed. with its last incarnation

The ABC reported before Christmas that there are two secured creditors that were involved in financing pre-construction of the development.

As part of the debt recovery process, a commercial real estate agent has been appointed to handle the sale of the land, which is located near to Australia Zoo at Glenview..

The site is expected to go to market in late January.

Since the announcement of the ACTVENTURE project, Sanad Capital has been involved in litigation with other parties.

Most recently this included an appeal against the Sunshine Coast Council's approval for a rival surf park development in the Glass House Mountains.

The appeal was dismissed, paving the way for both tourism ventures to go ahead, with Sutherland indicating the other development was copying the ACTVENTURE concept.

Sanad Capital was also involved in a legal dispute in the Queensland Courts with attractions consultant Arthur Downing over alleged non-payment of an ‘assignment fee’ for the site.

Image: A 2022 concept for the ACTVENTURE project.

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