The value of Rotorua Airport’s land has jumped in the past year, largely due to work underway to develop a masterplan for the airport’s future development and plans to build non-aviation revenue.
Rotorua Airport chief executive Mark Gibb says financially the surplus and passenger movements are both ahead of target and the value of Rotorua Lakes Council’s interest in Rotorua Airport is now $48 million compared to $30 million the previous financial year.
The increase in the value comes as Rotorua Airport reflects on a significant year which has seen the completion of the new Emergency Operations Centre, the reinstatement of the early morning flight between Rotorua and Wellington, and work beginning on the redevelopment of the terminal.
He says behind the scenes there has been considerable work on developing the masterplan for the wider airport land, which has helped see the value increase.
This masterplan looks at the way the airport land can be used in the future and will provide the airport with a vision and growth roadmap.
Meanwhile while key priorities include futureproofing growth with the terminal redevelopment, additional aviation security and working on flight sector development to grow services and airline capacity, Mr Gibb says.
Rotorua Airport Limited chairman Peter Stubbs says the airport is a complex business but fundamentally, it is an economic development enabler, not just for tourism, but for business generally.
“It’s a surprisingly complex business. The company is responsible for coordinating multiple operations on a 100ha site.”
Mr Stubbs says there is a strong focus on building non-aviation revenue and optimising existing assets, including unlocking the potential of the currently unused airport land.
“The value of this work is already evident in the increase in value. There’s still significant work to do over the coming year, but I’m excited by the direction we are heading in.”