Page 3666 - Week 12 - Wednesday, 23 October 2013
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(g) that the Calwell Kings Swim project is shovel ready, pending payment of an additional commence and complete fee in excess of $300 000; and
(2) calls on the Treasurer to waive all fees relating to an extension of time to commence construction on Block 33 Section 787 in Calwell, for the purposes of ensuring the Kings Swim Centre proceeds.
Kingswim are a family-owned and operated business. They currently own and operate the Macgregor swim school and manage two other swim schools in the ACT, one at Majura Park and one at Deakin. They also have interests in other centres throughout Victoria and New South Wales. Kingswim centres provide indoor swimming pool facilities for learn to swim classes, aqua aerobics and hydrotherapy, as well as lane space for swim squads and space for the general public to swim.
In 2006 Kingswim, headed up by Mr Phil King, identified a need in Tuggeranong for an additional pool. This presented an opportunity for the King family to expand their business. Subsequently Kings acquired a block of land in Calwell, specifically block 33 section 787, for the sole purpose of building and operating a specialised aquatic facility for the Tuggeranong valley, a facility that would be privately owned and operated yet provide significant benefit to the community through affordable swim facilities, increased employment and a significant financial injection into the ACT economy during the construction phase.
As has been the case for many family-owned businesses across the country over recent years, Kingswim has experienced its fair share of financial hardship and faced some significant financial hurdles. As a result of cost overruns in establishing the swim centre in Macgregor and an unforeseen tightening of finance availability—more commonly known as the GFC—Kings were unable to secure finance to build the Calwell swim centre. As a result of these changes in circumstances, Kings have had to put their plans for the Calwell project on the backburner. In fact, Kings have not built a swim centre since 2007.
Over the ensuing years Kings have explored multiple options to ensure that the block of land in Calwell is developed in line with the territory’s planning rules. Given that the Kingswim business did not have the required capital nor could they secure the finance to fund their project, options were explored to sell the block. A sale was almost secured to a local health cooperative but it fell through at the last minute.
Having been unable to sell the land, the Kings family took the difficult decision to try to sell a portion of their business in the hope that that would raise sufficient capital for the project to continue. The Kings brand is based upon a philosophy of delivering quality swimming facilities, and they were most definitely looking for an investor that would be willing to take up that tradition. Unfortunately, as a result of the uncertain economic climate, a sale of the Kings business did fall through. Due to the unintended delays of the project, Kingswim have had to pay the ACT government almost $118,400 in commence and complete fees.
Recently the King family have secured the sale of their established swim centres and are now in a position to build the Calwell centre. A local builder has been contracted,
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