WATPAC Limited (ASX:WTP) has finalised a $50 million contract with state government, for the managing services of the new Queensland State Velodrome in Brisbane.
The construction firm has been working with Queensland Government the past few months to reach an agreement for the stage two delivery of the project.
Stage one commenced in October last year, including finalising design details and early preparation works at the Sleeman Sports Complex in Chandler.
Watpac managing director Martin Monro says the deal was a major coup for the company.
"Watpac is proud to be building this world class facility which will be used by some of the world's leading cyclists," Monro says.
"The team has made great progress on site and we look forward to continuing our work with the Queensland Government to deliver this exciting piece of sporting infrastructure."
The new velodrome will feature a world-class timber track and streamlined roof design to combat weather conditions of the existing outdoor facility, which was built for the 1982 Brisbane Commonwealth Games.
The design concept includes mixed use sport courts, function spaces and a café.
"Watpac has a strong reputation for delivering high quality sport facilities across Australia and we are pleased to be continuing this tradition with a venue which will become an important legacy for the Queensland cycling community," Monro says.
Construction on the new velodrome is expected to be completed in mid-2016.
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