Mortgagee divestment sparks Canberra waterpark sale

“Big Splash has a long history as a well-loved recreation destination in Canberra, and there is clearly strong community recognition of the site,” he says. “This campaign presents an opportunity for purchasers to consider a range of future possibilities and build on the site’s established presence and infrastructure.”

Deep community footprint within a high-growth corridor

Located in Macquarie, north-west of the city, the park occupies a substantial 1.3-hectare property in the heart of the Belconnen region – one of Canberra’s fastest-growing districts.

Big Splash has been operating since 1969, when it first opened as the Macquarie Swimming Pool (known locally as Jammo Pool). The waterslides were added in the early 1980s, and the site gradually evolved into the Big Splash waterpark.

The site is being offered for sale with vacant possession via an expressions-of-interest campaign. Earlier this month, the site’s owners confirmed the waterslides would remain in place as part of the sale process and that efforts to reopen the 50-metre pool by November would continue regardless of any ownership change.

Changing rooms and temporary ticketing and food-service facilities would also be installed, along with a new internal fence separating the main pool from these areas.

While the future use of the site will ultimately be determined by the buyer’s needs, the current Crown lease permits an aquatic and indoor sports and recreation centre, as well as an unlicensed family restaurant. Any alternative uses would be subject to government approvals. At present, the site is zoned PRZ2: Restricted Access.

Winter says it is too early to predict the likely buyer profile or value outcome given the expressions-of-interest campaign had not yet begun.

Mortgagee mandate dictates distinct valuation approaches

Winter says the property is being offered for sale on behalf of the first mortgagee, which is seeking to divest the asset rather than operate it.

“As financiers, rather than pool operators, their mandate is to sell the site,” he says.

“Given it’s for sale on behalf of the mortgagees, we expect groups to evaluate the offering differently given the unique offering and existing infrastructure and are unable to provide a specific price point at this stage.”