Category: News

Indoor Skydive Australia Group Limited (ASX: IDZ) announced that it has appointed Point Project Management (PPM) to provide project management services for our Perth Project.

Prior to engaging PPM, ISA Group conducted an intensive tender process to identify a provider with a local Perth presence as well as a national footprint, experience in complex commercial builds and the ability to deliver the project.

An initial detailed program has been developed for the construction of the project with PPM which includes the appointment of the head builder later in January, with construction to commence shortly thereafter. This will enable the project to be completed mid 2016 in accordance with our timetable.

PPM will undertake the project management of the Perth Project under the direction of ISA Group. By appointing PPM, ISA Group has been able to leverage off their local Perth expertise avoiding the additional costs associated with project management based in the Eastern States.

The appointment also includes independent quantity surveying services to provide additional cost controls. The appointment of PPM has been included in the total estimated capex for the project and does not represent an additional cost.

ISA Group’s Perth Project is our third indoor skydiving facility comprising a 14ft vertical wind tunnel. The facility will be located at 143 Great Eastern Highway Rivervale within 5km of the Perth CBD and on the popular commuting route to the international and domestic airports.

Written by Martin Massini – 24/10/15

The venue is only the second in Australia — the first opened in Sydney in March.

It is being established by Indoor Skydive Australia Group which gained council approval for the facility in late August.

It will be located on a 1326sq m property at 3082-3084 Surfers Paradise Blvd where work has started for the new facility, whose centrepiece will be a 3.66m-high glass wind tunnel.

ISAG, a listed company, holds the property under a 20-year lease with two 10-year options that was negotiated by Doug Garvie, of Savills Gold Coast, on behalf of owners Loraine and Joseph Gorski.

“The finer details of the lease remain confidential but I can say that the facility will be a fabulous attraction and a significant addition to the Gold Coast tourism offering, and more particularly that of Surfers Paradise,” Mr Garvie said.

“The venue will operate under the brand iFLY and ISAG intends to add value to the property, building on the site a three-storey facility that will simulate the free-fall experience of skydiving “

Mr Garvie said the company is expanding and plans to establish facilities in Adelaide, Perth and Melbourne in the next two years.

According to ISAG’s annual report, people aged 10 to 19 constitute 25 per cent of patrons at its Penrith facility.

ISAG chief executive Wayne Jones said Gold Coast visitor numbers were rising, making the timing perfect for the new venue, which is expected to open in the second half of next year.

“The Gold Coast is the adrenalin capital of Australia and the venue will be an excellent fit,” he said.

ISAG said fabrication of wind-tunnel components is on track for completion in late January.

Mayor Tom Tate said the city council “is committed to supporting development of new attractions on the Gold Coast and the new facility is a prime example of the city growing and adapting its tourism offerings”.

“Tourism on the Gold Coast sustains 30,000 jobs and adds $4.6 billion to the economy, so it is crucial that the city does what it can to retain its enviable status as a world-class tourism destination,” he said.

The first stage of siteworks, preparations for foundations and services, involves demolition of structures and removal of bitumen and fill.

At the same time, work is being undertaken to transform the interior of a building on the site to provide for retail premises along the street frontage.

ISAG said that its intention is to generate ancillary revenue from the retail premises ahead of completion of the skydiving facility.

Read the original article here

Read the Equity Research report conducted by Veritas here.

ISA Group have released their 2014/2015 Annual report with financial results.

View it here.

The latest report from Gordon Capital Research regarding ISA Group capital raise and expansion.

Read it all here.