Palisade Investment Partners has assumed complete control over Sunshine Coast Airport under a 99-year lease deal with Sunshine Coast Council.
Palisade will be responsible for operating and developing the airport, as well as managing potential future expansions of both domestic and international routes from the Sunshine Coast.
Palisade Investment Director and Sunshine Coast Airport board member Mike Reynolds said: “Sunshine Coast Airport has been the fastest growing airport in the country for more than two consecutive years, and it sits at the centre of one of Australia’s most dynamic regions.
“Palisade’s investment in the Sunshine Coast recognises the substantial growth and development opportunities for the airport and the region.
“We are very excited about this investment and look forward to forging a long-term partnership with Sunshine Coast Council to further enhance the value of Sunshine Coast Airport.”
Under the terms of the lease agreement, Sunshine Coast Council will continue to be responsible for facilitating the airport expansion project, which comprises construction of a new 2,450m runway, apron expansions, and associated infrastructure development. On completion, Palisade will assume control of the newly constructed runway and associated infrastructure.
The overall expansion of Sunshine Coast Airport is expected to streamline operations, facilitate new route opportunities, and manage additional passengers.