In the latest in a string of acquisitions by the Melbourne-based entertainment company, Village Roadshow has announced its intentions to convert the Sunshine Coast theme park into a Wet'n'Wild style water park.

Two an a half years ago Warner Village Theme Parks announced its plans to open a new water park on the Gold Coast based on Wet'n'Wild Water World. Though expected to be finalised in mid-2005 for a 2007 opening, the $50 million plans were seemingly put on hold until recently.

In the meantime Dreamworld launched its foray into the water park world -- WhiteWater World -- prompting Warner Village Theme Parks to focus attention on Wet'n'Wild as it went head-to-head with the rival park.

Today Village Roadshow, owners of Warner Village Theme Parks, announced their plans to convert Aussie World, a small independent Sunshine Coast amusement park, into a Wet'n'Wild style park.

Set to feature an 'uphill water coaster' and Tornado slide from ProSlide, as well as around eight other water attractions, the new park can be expected to be of an equivalent size to WhiteWater World, currently Australia's newest water park which opened at Dreamworld in late 2006.

It is unknown what will become of the dry attractions that exist at Aussie World, some of which are rare historical rides, such as the Mad Mouse - one of only a handful of remaining wooden wild mouse style roller coasters.

In total the project is expected to cost Village Roadshow in the area of $60 to $70 million, including the acquisition of Aussie World. WhiteWater World cost $56 million, built on land that was already owned and cleared by Dreamworld.

The buyout agreement is conditional -- seemingly dependent on whether Caloundra City Council gives their development application the go-ahead. There are plans for at least one other water park within the city -- Adventura Water Park, being planned by an independent consortium of investors.

Village Roadshow have recently acquired a water park in Hawaii and announced their plans to convert the Werribee Zoo into an African theme park.