Development of a AU$45m (US$33m, €29.9m, £21.2m) waterpark in Cairns, Australia – which was scheduled to open in late 2016 – has halted after the relationship between the park’s developers and the main financial investor broke down.

Work was scheduled to start on the development in late October but relations between the two parties broke down over a proposed takeover bid. Multi-millionaire investor Chris Morris bought into the project in July as part of a larger AU$250m (US$181.3m, €164.5m, £120m) investment into North Queensland. His disagreement with businessman Paul Freebody, who he is attempting to take control of the project from, is the reason for the delay.

Local media is reporting that emails exchanged between to the two parties indicate that Freebody believes the takeover bid is not fair or reasonable.

Gregg Construction has been awarded tender for the site, with civil works including the installation of a network of underground infrastructure. If the development goes ahead, it will create 340 jobs during the construction phase and will employ more than 200 people on a permanent basis upon completion. ProSlide is supplying the 70,000sq m (753,000sq ft) waterpark.

Both parties have declined to comment on the matter due to legal reasons.