An open letter regarding Big Splash

To everyone who cares about Big Splash,

We know many Canberrans are disappointed that Big Splash remains closed. Families have lost a place they enjoyed for years, and we understand why people want answers. We would much rather see the park open again than sitting behind locked gates. There has been considerable public discussion about our involvement, so we want to explain our role and the circumstances we now face.

First and most importantly: we are not the owner or developer of Big Splash. We are simply a lender. Like a bank that lends against a home, we provided finance to the owner with the property as security. We were never involved in owning or operating the water park.

In June 2024, we lent to Translink Property Management Pty Ltd after the usual due diligence—reviewing the financials, the operating lease and the security offered—expecting the loan to be repaid on its terms. Please do note that, we are not backed by a major bank. The money we lend comes from ordinary Australians who have entrusted us with their savings, and we have a responsibility to protect those investments.

Unfortunately, Big Splash did not reopen as expected. Throughout 2025 we received repeated assurances that works were progressing and the park would reopen that year. Those commitments were not fulfilled. We kept working with the borrower, and only after every reasonable alternative had been exhausted did we exercise our legal rights and take possession.

By that time, Big Splash was already closed. We did not take over a running business—we took possession of a closed and deteriorating site: vandalised amenities, broken glass, damaged fencing, rubbish everywhere, furniture thrown into the main pool, disconnected power, unpaid liabilities and issues concerning the Crown Lease.

After we took possession, we faced a control order requiring works on the site. We could have contested aspects of it through our lawyers, as we were entitled to do. But with people entering the site, climbing on structures and a real risk of serious injury. We believed public safety was not something should become the subject of legal argument. So, small as we are, we found close to $400,000 to secure the property—fencing, rubbish removal, pumping the main pool, cleaning, professional fees and other safety works. It was not easy for a business our size to fund, but protecting the public had to come first.

There has also been discussion about reopening the main pool by 1 November 2026. Please note that this was not our proposal—it was prepared and submitted by Translink, not by us. As a lender enforcing its security, we simply inherited responsibility for it once we took control of the site.

Even so, despite having no experience running a water park, we genuinely explored whether reopening was possible. We engaged specialist contractors and obtained independent quotes. The figures that came back were beyond our expectations, especially given the very limited budget a business of our size can afford—and even the lowest of them did not include restoring the main pool itself, which the contractor advised would add considerably more. None of this included the ongoing cost of actually operating the facility. These costs are well beyond the capacity of a small business like us.

At the same time, we have also faced the possibility of action affecting the Crown Lease. If it were terminated, the security behind our loan could effectively be lost, with serious consequences for the ordinary Australians whose savings are invested through us. That is why we have kept working constructively with the ACT Government while seeking legal and planning advice.

This situation also might raise an important broader issue. Every day, banks and lenders finance businesses across Australia. Sometimes they succeed and sometimes they fail. When a lender enforces its security after a borrower defaults, it does not become the owner or operator of that business.

We respectfully ask the community to recognise that distinction. Our role has been to protect our legal security, safeguard public safety and meet our obligations to our investors—not to operate a water park. If lenders are expected to take over and run failed the businesses they funded otherwise they would lose their security, it will discourage anyone from financing businesses on Crown Lease land—making it harder or potentially nearly impossible for businesses to obtain funding and invest in Canberra.

There is a wider concern too. If a Crown Lease can be cancelled in circumstances like these, it puts at risk the security that lenders rely on across the city. Lending against Crown Lease property could come to be seen as unsafe, investors may look elsewhere, and over time that uncertainty may bring negative impact to the value of Crown Lease properties including residential homes throughout Canberra. This is not only about Big Splash—it could be about confidence in investing in Canberra itself.

Also, we think it is fair to ask why this site is being treated differently. There are other sites across Canberra that do not meet their Crown Lease requirements for years, yet do not appear to face the same action. We would like to understand how lenders who take possession after a borrower default should be treated—particularly where, like us, they inherit circumstances they did not create—and whether the same approach has been taken in other comparable Crown Lease matters. If not, why should Big Splash be singled out?

Our aim throughout has remained the same: to act responsibly, meet our legal obligations, protect our investors, and work towards a practical outcome. Like the Canberra community, we would welcome a future in which Big Splash can once again be enjoyed by families. We remain willing to work constructively with the ACT Government and other stakeholders to explore practical solutions that preserve both the future of the site and the interests of those affected.

To support this process, we have provided the ACT Government with marketing materials and the proposed sales contract.

Thank you for taking the time to consider our perspective.

The Lender to Big Splash