Having completed our capital call for retail investors at the close of 2022, it’s a proud moment for our team to see so many like-minded individuals making their financial commitment to create a world-first property and a truly unique surfing community. We have now completed application processing for the Fund and we're thrilled to share we have reached our target commitments for retail investments, and are in a position to execute a term sheet with our preferred debt provider and move ahead with site mobilisation in March. There's been other pivotal milestones achieved so let's dive into the detail.
DA Amendments Granted by Council
You’ll recall last year we announced Endless Surf as our wave technology partner and subsequent masterplan adjustments, including a 6M landscape-designed levy for river protection, required an amendment to our DA approval, known as a Section 4.55. We're glad to share the amendment was granted by Hills Shire Council at the end of 2022, ensuring all our planning requirements are met for construction to begin early this year.
Endless Surf Continue Global Success
It's been an enormous year for our wave technology partner, Endless Surf. Construction commenced for Europe’s largest wave pool at SURFTOWN MUC in Munich, Germany with 20+ second waves slated to break later next year. Most recently, Endless Surf announced a partnership with Kauai Ventures, three-time world champion surfer Gabriel Medina’s venture capital firm, with plans to create performance surf clubs across Brazil opening in 2024. It’s great to see other leaders in surf park developments partnering with Endless Surf and we look forward to even bigger project announcements next year.
Our content team and Endless Surf engineers have been working on a visual animation of the two key wave formats you can expect to see at the lodge; the split peak, where two waves break away from each other from the centre of the lagoon with secondary beginner waves peeling from the opposite end of the main-wave zone, and the single peak, with rides up to 25 seconds from either end of the pool – as a left or as a right. Both wave formats have endless customization potential; barrels, turns, peaks, sections, waist-high, overhead, it’s all possible. Check them out below:
Heat Exchangers Innovation
By popular demand and thanks to the innovative design from the BALNCE development team and partners the Wisemans lagoon will be heated! Using latent heat from the wave generation system, water pumps will draw water from the lagoon and pass it through the heat exchangers, warming the water. Thermodynamics in large bodies of highly mixed water (with waves and wind) is challenging, however the modelling suggests a 4-degree lagoon temperature improvement, to ensure we are more than comfortable in a 3/2 during the colder months.
The development team is the final stages of confirming the Builder Contract, a final condition precedent for the commencement of construction and allocation of capital from the fund's custodian. We look forward to announcing this milestone in the coming weeks. For any immediate inquiries, please contact us at investor@wisemans.surf