The Queensland State Government is set to invest $40 million in a Toowoomba project that includes the establishment of the Will Power Centre for Motorsport and Driver Training Excellence.

Led by the Wagner family, the Wellcamp Entertainment Precinct is set to be a $175 million project that includes a range of facilities for motorport, driver training, and a 40,000 person performing arts venue.

The Will Power Centre for Motorpsort and Driver Training Excellence is intended to cater to all levels of motorsport, and includes road safety and driver education facilities.

Premier Annastacia Palaszczuk said the plan has the potential to revolutionise the economy of Toowoomba and the Darling Downs.

“The Wagner family’s record of delivering world-class projects, especially in this region, is without peer,” Premier Palaszczuk said.

“Their vision, imagination and drive to succeed has turned paddocks into an international airport and trade distribution centre that, with the support of my Government, is also home to the Qantas Group Pilot Academy.

“Now, the Wagners are ready to take Wellcamp to an entirely to new level – a vision that the Palaszczuk Government backs.”

Eugene Arocca, CEO of Motorsport Australia, added: “Motorsport desperately needs more permanent venues in this country, and one such as that planned by the Wagner family will bring enormous social, economic and community benefits to the people of the Darling Downs and Queensland in general.

“The circuit design has the potential for the venue to host international and even World Championship motor sport events.”

It’s predicted the project would support 130 jobs during construction and 25,000 when hosting major events.

Together with the State Government’s investment, the Wagner Corporation has committed $95 million of its own capital into the precinct.

A proposed circuit near near the Toowoomba Wellcamp Airport has been on the cards for a number of years, first coming to light in 2014.

It then reemerged in 2017, when plans emerged showing designs drawn by engineering firm iEDM after input from Mark Skaife and Mick Doohan.

It included a 4.35 kilometre FIA Grade 2 circuit with provisions for karting, rallycross, and offroad competition.

At that stage it was forecast to cost $40 million according to the Toowoomba and Surat Basin Enterprise.

Last month the Queensland Premier announced the state would invest $10 million into the DriveIt NQ project near Townsville.