The Australian media firm Village Roadshow is to build a new AUS$80m (US$74.7m, 58m euro, £48.5m) waterpark in Sydney.

Wet 'n' Wild Sydney will be built on a 25-hectare site, under a long term lease agreement with the New South Wales Government.

Chair of Village Roadshow, Robert Kirby, said: "We are very excited about the opportunity to bring our water theme park concept to Sydney.

"This is a huge step forward for one of our foundation businesses."

The project is not yet in the design stage, but the park will employ water efficient design, filtration and recycling technology.

Village Roadshow owns Wet 'n' Wild parks in Queensland, Australia and in Arizona and Hawaii in the US.

The waterpark is scheduled to open in the summer of 2013/14.