Macquarie Leisure Trust Group (MLT), owner and operator of the Dreamworld theme park on the Gold Coast in Queensland, Australia, has unveiled plans to develop a AUS$56m (£24m, 35m euro, US$41m) waterpark.

Situated adjacent to the existing theme park, Dreamworld Water Park will be a standalone facility.

Greg Shaw, CEO of MLT said: “The water park development is an exceptional opportunity to enhance the Dreamworld business and deliver incremental profit to the group while providing the Gold Coast with a unique tourism icon.

“International experience suggests water parks generally offer a superior return on investment compared with theme parks and require substantially less ongoing capital investment.”

He added that the park will be aimed primarily at Dreamworld’s target audience, the local and interstate market, with international guests making up just 6 per cent of total attendance, in order to minimise the risks associated with reliance on overseas visitors.

Construction is expected to begin in January next year, with completion scheduled for mid-December 2006, in time for the summer season.

The new park will use the existing back office and marketing resources of Dreamworld and the company is expected to unveil new packages for both parks including a ‘two park pass’.

Dreamworld was recently named Queensland's top tourist attraction at the Queensland Tourism Awards, held at the Gold Coast Convention Centre on 18 November. It is the second year in a row that the theme park has won the accolade.

Just 3km up the road from Dreamland, Village Roadshow, through its Warner Brothers Theme Parks division, is planning a AUS$20m (£9m, 13m euro, US$15m) upgrade of its Wet’n’Wild water park, also scheduled to open in time for the summer season 2006. The park is located next to Warner Brothers’ Movie World theme park.

MLT Group comprises a listed property trust – which invests in leisure and entertainment assets, including Dreamworld, d’Albora Marinas and AMF Bowling centers – and an operating division which leases the properties from the trust. The company also operates the AdventureWorld water theme park in Perth. Details: www.macquarie.com.au