BAC unveils plan for airport property growth
Brisbane Airport Corporation’s new Property Development Master Plan will focus on creating a vibrant commercial hub from Airport Village to the Domestic Terminal and beyond within the next 10 years.
Today’s unveiling of a 50 year vision for property development within BAC’s 2,700 hectares identifies development concentrated around five key nodes, as part of a highly connected, 24 hour aviation, trade and commerce hub.
Chief Executive Officer and Managing Director Julieanne Alroe said the plan presents a clear vision for the airport to become a major commercial centre for business and leisure that supports the economic and cultural growth of Brisbane and Queensland, and acknowledges the important role it plays in Brisbane’s transformation into a new world city.
“Our aim is to create an exciting commercial and transport hub with a strong sense of place that complements the CBD, celebrates Queensland’s character and is valued as a key part of Brisbane’s urban fabric,” Ms Alroe said.
“We want to enhance Brisbane Airport’s primary aviation function with commercial and lifestyle offerings that create a key destination in its own right.
“Brisbane Airport can be Queensland’s ultimate transport oriented development, taking full advantage of its unique position and unparalleled connectivity to the domestic and international terminals, major transport networks and the CBD just 8km away,” she said.
The overall Property Development Master Plan sets out a diverse range of development opportunities, foreseeing the creation of upwards of 25 new buildings over the next five years. This includes hotels, commercial space and some retail, as well as industrial and mixed industry and business uses.
A longer term forecast predicts the airport-based workforce to more than double in the next 20 years from its current level of 19,000 (across 420 businesses) to over 50,000.
BAC’s specialist property division, BNE Property, will guide the plan’s delivery to market, targeting resources, tourism, aviation and logistics businesses and related service industries as early partners and investors.
BNE Property General Manager Renaye Peters said initial delivery will focus on creating development and investment in a vibrant central spine (Airport Central) and she expects to be able to confirm a significant development project for this area in the coming months.
Commercial interest is also strong.
“We are currently in active discussions with a hotel developer and will shortly commence a tenant drive for a significant commercial development at Airport Central near the Domestic Terminal.
“We are also at concept design stage for a new general aviation charter facility to be located at Airport North to service the growing fly-in-fly-out (FIFO) demand from the booming resources sector,” Ms Peters said.
BAC is committed to airport investment. To date (including the FY12 forecast), BAC has invested $1.7 billion at Brisbane Airport and plans to spend a further $2.9 billion over the next 10 years.
“At only 12 years into our 50 year lease, with an option to extend for a further 49 years, BAC is here for the long term. With planning control resting with BAC and the Commonwealth, this gives confidence to investors and those wishing to relocate their businesses here that there will be a long term commitment to the development and maintenance of high quality public realm and infrastructure,” Ms Peters said.