UPCOMING EVENT - LAND LEASE DEVELOPMENT SUMMIT 10 DAYS TO GO
10 DAYS TO GO - LAND LEASE DEVELOPMENT SUMMIT
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A 32ha site near Australia’s first surf park has been earmarked to become an entertainment precinct under plans put forward by Melbourne Airport.
The airport wants to develop the site between the Tullamarine Freeway and Airport Drive into Elite Park, an entertainment, retail, leisure and hospitality destination.
The precinct would neighbour the Urbnsurf wave pool as well as the training grounds for the Essendon Football Club.
The airport estimated that the precinct would add $246 million annually to Victoria’s economy and create 2140 jobs in the Hume and Brimbank municipalities.
Plans show a green pedestrian pathway, landscaping and links to bike trails and bus routes with new road infrastructure as part of the proposal.
The first stage has been put on exhibition and construction is expected to start next year, pending planning approval.
That stage will include road infrastructure to connect Mercer and Airport drives to the precinct, earthworks and utilities infrastructure, and large retail and outdoor sections of the precinct.
The first retailers are expected to open by the end of 2026.
The entire project is planned to take nine years.
The precinct is part of the Melbourne Airport Master Plan 2022. A preliminary draft major development plan awaits ministerial approval.
That plan is open for public comment until December 20 of this year.
Meanwhile in Tasmania, work has begun on airport upgrades to the Hobart International Airport that will open the island state up to the Asia and Pacific.
The upgrades will allow long-haul aircraft such as the Boeing 767 and Airbus A350 to use the runway, allowing direct flights to those regions.
Taxiways, ground lighting and electric systems, and signs are also being upgraded under the $130-million project.
Nearly 200 jobs are expected to be created during construction. The project is expected to be completed by May of next year.
The upgrades are being jointly funded by the Federal government ($60 million) and Hobart International Airport ($70 million).
Federal agriculture, fisheries and forestry, and small business minister Julie Collins said the upgrade would unlock more freight opportunities for Tasmania and would be “a huge boost for the local agriculture industry”.
And in Queensland, equity firm Kohlberg Kravis Roberts and Kim Jackson’s Skip Capital have paid $3 billion for the owner of four Sunshine State airports, including Australia’s sixth busiest, Gold Coast Airport.
Australian Super and Dexus were also bidding for the company, Queensland Airports Limited.
Final bids were received from the three parties on Monday with investment banks Barrenjoey and Macquarie Capital working on the sale.
Queensland Airports’ other regional airports are Townsville, Mount Isa and Longreach. Its assets handle more than 40 domestic and international flight routes, and 8.5 million passengers annually.
TIF, State Super and the Australian Retirement Trust sold their stakes in Queensland Airports—the joint-venture now holds a 74.25 per cent stake in the company.
Other stakeholders include Perron Investments (24.6 per cent) Allan Moss (0.82 per cent), Queensland Airport Investments (4.24 per cent), Project Cricket State Super Unit Trust (17.35 per cent) and Lipno Holdings (0.31 per cent).
