[Peetwo]

Seeing that this thread started with reference to Bankstown I thought it passing strange that no here has yet mentioned the place has been put up for sale, along with Camden.

Yesterday's Fin Review had an article that the place was on the market for upwards of $195m and with an annual return of $19m plus the option to develop the bits not required for aviation for the remaining 82 years of the lease.

Perhaps it is all getting too hard for the current owners especially heading into an uncertain economic future but I don't think a 10% return is going to excite too many buyers, especially if there is environmental questions hanging over the site.

Good point Pete, perhaps it is because we've been a little preoccupied with Senate Estimates but here is the article to which I think you are referring:

Bankstown and Camden airports up on offer



 
by Mercedes Ruehl

A consortium including Mirvac Group, AustralianSuper and Colonial First State has quietly put the Camden and Bankstown airports up for sale with price expectations exceeding $195 million.

A sale of both airports was called off in late 2012 after shareholders decided to hold out for a better sale environment.

Now the two sites, which generate an annual rental income of more than $20 million, are again being offered for sale as a package deal as well as a development opportunity. Spanning 509 hectares in total, there is the potential for more than 40 hectares of surplus development land.

The owner, known as BAC Holdco, has appointed Colliers International's Gavin Bishop and Malcom Tyson and Grant Samuel's Damien Elias and Salih Harman to advise on the off-market sale although the parties declined to comment.

Both airports were privatised in 2003 and are held under long term leases with the Australian government, with 82 years still remaining. In total across both Camden and Bankstown there are more than 175 tenants, half of those are related to the aviation industry. Over the last few years the airports have had an average of vacancy of only 1 per cent and the weighted average lease expiry exceeds six years.

Interested parties are being asked to submit non-binding indicative offers after which a shortlist of potential buyers will most likely be drawn up to undertake detailed due diligence before making a final offer.

Bankstown, the fifth busiest airport in Australia, makes up the bulk of the revenue. Several expansion projects are in the works for some existing tenants. In addition to that there is 12.7 hectares of surplus land on the site currently and potential for a further 19 hectares. Camden has a little over 8 hectares of surplus development land.

The two airports were purchased as part of a package along with Hoxton Park airport in November 2003 for $211 million.

 
Aviation & Airports has been slated for Estimates tomorrow at 9am but the ATSB & ASA have just been sent home due to delay's with Infrastructure Australia questioning. However I believe we could possibly hear more on this tomorrow at Estimates...

MTF...P2