BAC to the future
Brisbane Airport Corporation (BAC) recently unveiled its 50-year vision for property development within the 2,700ha airport precinct.
BAC was set up as the vehicle to purchase for a 50 + 49 year lease of Brisbane Airport and surrounding land from the Commonwealth Government for $1.4bn in 1997, with Amsterdam Airport Schiphol being a key foundation investor.
Since that time BAC has been a real success story from the privatisation of federal airports, both in passenger traffic and in the innovative ways in which the value of the land parcel is being released. The new Property Development Master Plan will focus on developing a commercial hub between the existing Airport Village at the main entry to the airport land and the Domestic Terminal over the next 10 years.
The longer term plan focuses on development around five key nodes, with the airport becoming a 24-hour aviation and business hub, including activities that make the precinct a destination in its own right, rather than a place to pass through on the way to somewhere else.
In doing this, the BAC aims to see a massive increase in the workforce based in the precinct from the current level of 19,000 (across 420 businesses) to over 50,000 within the next 20 years.
Plans for the next 5 years include over 25 new buildings including hotels, commercial and retail space and some industrial and mixed industry activity.
Beyond this, BAC is a key member of the Australian Trade Coast, along with the Port of Brisbane, and both parties have a number of significant infrastructure projects planned. While there is limited future availability of commercial land in Brisbane, BAC and Port of Brisbane account for a significant portion of such land that will become available in the future, with the port and airport strategically located on either sides of the mouth of the Brisbane River and well served by transport infrastructure.
In BAC’s immediate plans are a second runway and the associated domestic terminal upgrade and expansion.
The second runway was approved in September 2007 with a minimum 8-year construction period because of the extensive surcharge requirements of the land. The 3,600m runway will be located 2km west of, and parallel to the existing runway. The new runway is the key element of $4.2bn investment in capacity-related infrastructure at the Airport over the next 10 years.
A new undercover carpark and new public road have already been completed and a new skywalk access to the airport is substantially completed as part of the terminal redevelopment.
For more information visit: www.bne.com.au
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