The carpark is used most heavily by Adventure World patrons between September and April, but is not available exclusively to the tourist hot spot.
City of Cockburn acting chief executive Stuart Downing said the refurbishment of the carpark, which is about three hectares, was on the council’s long term asset management plan but work was unlikely to start for several years.
However, Adventure World has approached the local council offering to foot the bill to refurbish the carpark in time for summer.
If approved by the council, another 70 parking bays would be added to the 600-bay carpark.
The deal would see Adventure World exchange its current lease arrangement, paying council $10,000 per annum, for a 21-year peppercorn lease of $1 per year.
Mr Downing said it was a good deal for the City.
“A financial analysis was prepared and it clearly demonstrated that the council would be better off allowing Adventure World to spend the $1.25m now,” Mr Downing said.
He said if the City was to pay for the project itself, Adventure World would need to pay $104,000 per year in rent for its exclusive use.
As Adventure World uses the carpark for about one third other year, a pro-rata deal of about $35,000 would need to be paid.
“(The) council would never agree to this as the carpark would not be exclusively available to just Adventure World,” Mr Downing said.
Adventure World chief executive Mark Shaw said the work would be done over winter, should council approval be granted.