“We are keen to start construction early next year to help kick-start the economy post Covid-19.”

The project is expected to support 130 jobs during construction and up to 2,500 jobs when operational.

Wagners Holding Company, which has 532 full-time employees and contractors, is the largest independently owned cement and building materials manufacturer in south-east Queensland.

It was established in 1989 by Henry, John, Denis, Neill and Joe Wagner, and now commands more than $1.1 billion in wealth. The company was listed on the ASX in 2017.

Wagners specialises in construction materials, producing and selling cement and products such as fly ash and composite fibre building materials to more than 450 customers. It also offers contract crushing and haulage services.

Wagner said work on the Wellcamp project could start as early as next year and could potentially hold an end value of between $250 million with additional facilities.

The precinct could also feature a rally-cross circuit, karting circuit, off-road circuit and tracks, and a smaller concert amphitheatre.

It will sit alongside the family’s Wellcamp Airport, Australia’s first privately-funded public airport, and the first public airport to be built in 50 years.

The airport, which prior to coronavirus restrictions welcomed 1.2 million passengers annually, features a 13,000sq m terminal and boasts four departure gates.