If successful, the agreement will see the Kelly Slater Wave Company win the race to deliver the world’s first prototype surf park to the Gold Coast, an already internationally famous surfing destination, ensuring thousands of surfers have the ‘perfect continuous wave’ to surf as long as one physically can – 20 kilometres from the beach.
It will also mark a world first for Australian-owned LM headed by Peter Drake, putting the Gold Coast, Australia, the funds management industry and the LM Funds on the map, globally.
The surf park is proposed for the 118-hectare Maddison Estate, an A$1 billion master-planned residential community in the Gold Coast’s booming northern growth corridor. The project is being delivered by LM on behalf of investors in the LM Funds.
Maddison will be completed over a seven (7) year development timeline, and on completion will be home to more than 3,500 residents.
LM Project Manager Luke Barnett says today’s announcement is one of several ground breaking releases to change the face of residential community living “as we know it”, whilst optimising returns for investors in the LM Funds.
“The benefits this holds for Maddison residents, LM investors, the wider Gold Coast community, tourism, international property investors and surfers alike are infinite. Without question, this will set a new benchmark for integrated residential living, anywhere in the world”, says Barnett.
“Our discussions with Slater’s wave company are progressing well, and the concept already has the support of key stakeholders, government representatives and the surfing industry.”
“We are overwhelmed about the prospect of delivering the world’s first continuous wave pool with Kelly Slater, arguably the world’s most recognised surfer, let alone to be the first fund manager to do so”, says Barnett.
“Maddison Estate has the land and the infrastructure to be able to successfully integrate this major tourist attraction into the development. It is a win for surfers and a win for the Gold Coast.”
If successful, the Kelly Slater Wave Company will be the first across the finish line in the race to deliver the world’s first continuous wave system, providing the perfect temperature all year round with a wave height and shape appropriate for beginners and pros alike – all within a safe and controlled environment without sharks, jellyfish, dangerous rips or tides.
LM is a privately owned, Australian fund manager that holds significant property expertise through the management of its investment funds. Via the LM Funds, LM provides senior debt funding and participates in equity opportunities across prime assets spanning the residential, commercial, aged care, industrial and retail sectors of Australia. Over the past 14 years, LM has financed the successful delivery of some 400 projects on behalf of investors in the LM Funds. LM holds only Australian assets with a gross realisable value in excess of A$3 billion under management.
Kelly Slater Wave Company (KSWC) is a technology and surf destination licensing company founded by 11-time World Champion Surfer, Kelly Slater in 2006. The vision of KSWC is to share the experience and emotion surrounding the best qualities of the surf lifestyle through best in class wave generation systems and surf lifestyle destination products.
About LM Investment Management Ltd (LM):
• Markets investment products licensed IFAs and institutions, rather than the investing public.
• Receives investment inflows from over 70 countries, and is further expanding in the UK and the Americas.
• Employs 130 staff worldwide for the marketing and management of the LM funds and its assets.
• Operates from 9 offices worldwide – Gold Coast, Sydney and Perth in Australia, Queenstown in New Zealand, Hong Kong, Bangkok, London, Dubai and Johannesburg.
• Provides Australian-only investment products across a range of asset classes: cash; savings; conservative, enhanced and retirement income – debt securities and cash; Luxembourg domiciled SICAV-SIF; Australian equities – fully protected income and capital protected growth.
+61 405 124 535