airport expansion takes off
This is a momentous time in the history of one of our most important assets, the Sunshine Coast Airport. Last month we signed the contracts for Palisade Investment Partners to become council’s commercial operating partner for the airport in a deal with a value of $605 million to our community. This is fantastic news for our region.
It confirmed that the future of our airport is secure and the expansion of this very important facility, with the addition of the new runway and associated infrastructure, will proceed as anticipated.
Under the deal, the airport will continue to be owned by Sunshine Coast Council on behalf of the ratepayers of the Sunshine Coast, with Palisade operating the asset under a 99-year lease, which will commence in 2017-2018.
Let me be very clear, the airport land and buildings have not been sold.
As lessees, Palisade will be responsible for operating, investing and developing the airport and will oversee future negotiations with airlines to expand both domestic and international routes available from the Sunshine Coast.
Council will retain responsibility for facilitating the construction of the new runway, apron expansion and related infrastructure as part of the proposed airport expansion project.
It will enable the airport to serve the needs of this community and surrounding regions for generations to come.”
All of the pieces of the puzzle are now in place to enable this much-anticipated expansion to proceed.
It will enable the airport to serve the needs of this community and surrounding regions for generations to come.
Palisade is a well-established Australian investment and infrastructure manager, with experience in the airport sector through existing investment in Airport Development Group which owns the Darwin, Alice Springs and Tennant Creek airports.
Palisade has also recently invested in the Gold Coast Light Rail Stage 2.
We are confident that we have a first rate partner with us as the airport business expands and continues to service the growing needs of the Sunshine Coast.
Our 20-year Regional Economic Development Strategy nominates the airport expansion as one of the five game-changers for this region.
Last month’s announcement means four of the five game-changers are now either complete or underway.
The $81 million expansion of the university was completed over a year ago.
Under the deal, the airport will continue to be owned by Sunshine Coast Council on behalf of the ratepayers of the Sunshine Coast, with Palisade operating the asset under a 99-year lease, which will commence in 2017-2018.”
The $1.8 billion Sunshine Coast University Hospital will open progressively from this month.
Work on the Maroochydore City Centre has commenced – a project that is expected to deliver a $4.4 billion boost to the Sunshine Coast economy over its lifespan.
And the expansion of the airport is now secure, with Council expecting to enter into a construction contract for the new runway and associated infrastructure by September this year.
Beyond these, we have a pipeline of public and private sector projects in the region that collectively represents an investment of over $10 billion in the Sunshine Coast and its future.
A future that will reinforce our position as one of Australia’s leading city regions – one that is healthy, smart and creative.