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Indoor Skydive Australia Group Limited (ASX:IDZ) is preparing to expand its offering to the Gold Coast in a project worth between $9.5 million to $10.5 million.
The skydiving and adventure sports-focused company has inked an agreement to lease for its Gold Coast Project located on Surfers Paradise Boulevard in Queensland.
Indoor Skydive plans to construct a 12-foot vertical wind tunnel on the site aimed at the retail and tourist market ahead of the Gold Coast Commonwealth Games in 2018.
The lease provides for the development and construction of the indoor skydiving facility for 20 years and an extra two 10 year options.
Development approval will be submitted next month and construction is set to start later this year and slated for completion mid to late 2015.
The company opened Australia’s first indoor skydiving facility at Penrith in New South Wales on April 26, 2014.
Indoor Skydive Australia Group reported a net loss of $1.2 million in the first half of its 2014 financial year.
