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GENERAL PROPERTY

Melbourne Airport unveils 3.5bn expansion

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A $3.5 billion makeover and expansion of Melbourne Airport has been revealed, which it hopes will cater for a doubling of passenger numbers to around 68 million per year by 2038.

Plans include a new east-west runway by 2023, with potential for a fourth runway that would run north-south; a new domestic terminal building, upgrades to current facilities, and a revamp of the drop-off and pick-up zones.

These transformations will be in addition to the proposed rail link, which falls outside of the Melbourne Airport company’s powers. The federal government committed $5 billion the long-touted rail project earlier this year, while discussion continue over state government funding levels. Four potential routes that run through Melbourne’s northern and western suburbs have been proposed.

The works at the airport will be privately funded. Qantas and Virgin are already planning upgrades of their terminals.

Melbourne Airport saw more than 30 million passengers and some 250,000 tonnes of freight last year. International passenger numbers in May were up by 9.2% on May 2017 to 800,000, and the 10 million total seen over 2016/17 is expected to jump to 22 million by 2037/38.

Domestic passenger numbers were 1.2% higher year-on-year in May, peaking at 2,027,041, for total passenger growth of 3.4%.

The full 400-page 2018 Melbourne Airport Master Plan will be released next Monday, July 16.

Citing the passenger growth over the next 20 years, Melbourne Airport signed a deal with AccorHotels earlier this year to build a 464-room, 10-storey mid-market hotel in the airport’s new property precinct, The Hive near Terminal 4.

It will be operated under two brands, as a 4-star Novotel and 3-star Ibis Styles.

Australian Property Journal