Perth Development Approval Received
Perth, Mar 25, 2015 AEST (ABN Newswire) - Indoor Skydive Australia Group Limited (ASX:IDZ) (ISA Group) today announces the continuation of its Australian tunnel roll out with receipt of the development application approval for the Perth indoor skydiving facility.
The development approval provides for the construction ISA Group's third indoor skydiving facility at 143 Great Eastern Highway, Rivervale, Perth comprising a 14ft diameter glass chamber vertical wind tunnel. The Perth facility will be conveniently located on the main route to the international and domestic airports, 5km from the Perth CBD and easily accessible for the retail/tourist and military/professional markets.
The development approval satisfies the last condition on the Offer to Lease and a binding 20 year lease for the Perth premises, with two 10 year options has been entered into. Under the agreements with the Landlord, the Landlord will remove the existing building on the site shortly and the lease will commence on handover of the site free of all structures and ready for the construction of the facility.
ISA Group will also be triggering the fabrication of the specialty vertical wind tunnel components for the Perth Facility. Fabrication is undertaken by SkyVenture International LLC over 180 days pursuant to the Purchase and License Agreement entered into in March 2014. Fabrication is triggered by the payment of the 45% deposit, bringing the total amount paid in respect of the Perth specialty components to 50%.
The Perth Facility will be constructed in parallel with the Gold Coast Facility development. Construction is expected to commence in June 2015 with the facility opening in mid 2016.
Further information on ISA Group is available at http://www.indoorskydiveaustralia.com.au
About Indoor Skydive Australia Group Ltd
Indoor Skydive Australia Group (ASX:IDZ) was established on 04 Nov 2011 as the parent company to facilitate a number of indoor skydiving facilities to cross our region in the next 3-5 years. These facilities allowing human flight within a safe environment are currently used by tourists, enthusiasts and military throughout the world including the Australian Military and active Skydivers. Flexible operating hours, low overheads and proven technology are just a few of the highlights that support the company’s business model.