Signing of Perth Offer to Lease
Perth, Oct 30, 2014 AEST (ABN Newswire) - Indoor Skydive Australia Group Limited (
ASX:IDZ) (ISA Group) today announced that it has signed an Offer to Lease for it's Perth Project. Subject to approvals and final analysis, construction of a 14ft diameter Vertical Wind Tunnel is set to commence in 2015 and is expected to be fully operational by mid 2016.
The Offer to Lease provides for the development and construction of an indoor skydiving facility with associated activities and facilities including retail, food and beverage services. The lease term is for 20 years with an additional two 10 year options. The Offer to Lease is conditional, including subject to receipt of development approval to build and operate the facility.
The site is 3,931 sqm and situated 5kms from Perth CBD on one of Great Eastern Highway's most prominent corners offering extensive street frontage and high visibility to local and visitor traffic travelling to and from the domestic and international airports.
ISA Group is planning to construct a 14ft diameter glass chamber vertical wind tunnel on the site, catering to the retail/tourist and military/professional markets.
Architectural designs are underway and the request for development approval is expected to be submitted by the end of the year. The project will be managed by our internal Project Management Office in parallel to the Gold Coast Project. Preliminary estimates of the capital requirements for the Perth Project are between $10m and $12m.
Wayne Jones, CEO said "We have developed an internal Project Management Office and strengthened our corporate capability to enable us to progress multiple facilities in parallel and continue to deliver shareholder value."
"The signing of the Perth Offer to Lease is a direct outcome of this additional capacity and demonstrates the successful acceleration of our Australian Tunnel Roll Out strategy."
Further information on ISA Group is available at:
http://www.indoorskydiveaustralia.com.au
About Indoor Skydive Australia Group Ltd
Indoor Skydive Australia Group (
ASX:IDZ) was established on 04 Nov 2011 as the parent company to facilitate a number of indoor skydiving facilities to cross our region in the next 3-5 years. These facilities allowing human flight within a safe environment are currently used by tourists, enthusiasts and military throughout the world including the Australian Military and active Skydivers. Flexible operating hours, low overheads and proven technology are just a few of the highlights that support the company’s business model.
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