Surfing Community Gets Filled With Dismay After the Project Worth $120 Million Goes Down the Drain in Just Four Months

Sometimes things don't go in the way they are planned in life. The same incident happened with The Wisemans Ferry Surf Lodge project, which was a wave pool project estimated to be around a whopping $120 million. But how did it collapse? Check it out in the following story.

12,600 sq-meters wave pool project succumbs to problems!

The project on the land of Wisemans Ferry near North Sydney that was poised to boast 12,600 sq. meters of ocean-like wave pool along with a whole facility spread across 18.2 hectares of land has collapsed due to various reasons.


What were the reasons behind the collapse of the $120 million project?

The first reason that caused the failure of the project was the heavy downfall of rain that disrupted the vision safety, while the other reason is the unforeseen budget blowouts that ultimately led to the failure of the project.

Statement from the project representative after its collapse

"To maintain an accurate and viable fund build-up, the development costs have changed so dramatically that simply adding more debt or equity to compensate does not preserve a viable financial model that the investment is based upon, " one of the project representatives spoke on the project on a regional radio station.

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