FROM SITE SELECTION TO DELIVERY PROPERTY DEVELOPMENT MASTERCLASS
PROPERTY DEVELOPMENT MASTERCLASS
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A multi-billion-dollar plan to create a “city at the airport” has been unveiled as Perth Airport turns its sights beyond aviation.
The Perth Airport Master Plan 2026 went on exhibition on October 1 detailing the its investment program, which was billed at $5 billion last year and is tipped to go higher.
It is the latest in a series of airport cities for land-rich owners who want to capture the value of diversified revenue streams and landside projects in the wake of the pandemic.
Perth Airport is expected to gain a new hotel, multi-storey carparks, terminal expansions and a runway along with new property development opportunities around the airport, according to the masterplan.
Perth Airport is wholly owned by a subsidiary of Perth Airport Development Group, made up of 70 per cent superannuation funds.
The group owns the 2105ha estate, across 155 lots, under a 50-year lease that allows non-aviation development “that supports the economic viability of Perth Airport” and the state.
Five property precincts including a retail and lifestyle hub, office campus, logistics, industrial and commercial along with aviation support were announced for a 250ha portion of the estate last year, which has since expanded.
The Redcliffe Metro Development area, a 274ha site immediately west of Perth Airport, is serviced by the 2022-opened Metronet rail line and will be the most diverse of the precincts surrounding the airport.
It would be for tourism, leisure and employment, while the south would be for airport central support and the north for industrial and logistics, however each zone was open to other commercial uses.
Within Perth Airport, work has started on the two multi-storey carparks and the expansion of Terminal 2 is due for completion next year.
A 237-room Accor hotel was scheduled for completion in 2027 and work on a new 3000m runway, running parallel to the main runway, would be operational the following year.
The final stages of the masterplan are the new domestic terminal for Qantas Group operations and the expansion of the terminal planned for around 2031.
Perth Airport chief executive Jason Waters said there was enormous potential for this project and its surroundings.
“We have begun work on the largest private investment in infrastructure in Perth’s history, which will be delivered over the course of this five-year plan,” Waters said.
“This will unlock the full potential of the resources sector and its extraordinary pipeline of new projects worth more than $100 billion.
“It will create a vast array of new tourism, business and trade opportunities for Western Australia and deliver new property development opportunities on the airport estate.”
The estate 12km east of Perth’s CBD is the largest of four airports in the metropolitan region, which includes Jandakot Airport in the city’s south.
Dexus acquired Jandakot Airport for $1.3 billion in 2021 and since then multiple projects around the area have been approved including the Aventuur Surf Park, which is under construction.
The Perth Airport Master Plan 2026 is on exhibition for the next 60 days and forecasts the number of direct and indirect jobs generated by the airport will almost triple from 27,300 in 2024 to 75,400 by 2046.
At the same time, Perth Airport’s annual contribution to the state’s economy could surge from $6.2 billion in 2024 to $17 billion in 2046.
