Newcastle Airport aims to purchase a 76 hectare parcel of land to expand its business and technology park, which is expected to generate 5000 jobs when complete.
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Negotiations between the airport and the landholder are underway with a view to buy the site now that Port Stephens and Newcastle councils have authorised the purchase.
Airport CEO Peter Cock said the proposed expansion would support innovation in he aerospace industry and help sustain the joint strike fighter program in the years to come.
"Into the future it will include more car parks and it will certainly have more buildings to support RAAF platforms like the F35 but it will also have office facilities - much more campus style - with great amenity," he said.
"It will also have facilities for small-medium enterprise in terms of supporting the prime [aerospace] contractors."
Dr Cock said the airport had already sought various approvals to develop the land behind airport terminal and BAE Systems.
"The land is underlain by PFAS, we believe, and there is a full development application that has gone through on the land so it has had a state and federal environmental assessment," he said.
"There are matters that were dealt within that including onsite and offsite offsets."
The issue of water management was among these considerations.
"As part of the development application process, the ability to drain the land has been totally taken in to account and considered," he said.
"We're very happy with the conditions of the development application stipulations about the volume of outlet water and we're very happy to comply, and make sure that the regional drainage works."
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Port Stephens Council gave its approval for the purchase last Tuesday night as a 50 per cent stakeholder. Its partner Newcastle City Council resolved to back the purchase at its council meeting on Tuesday night.
"The decision is about the bigger picture for the airport and the Hunter," Port Stephens mayor Ryan Palmer said.
"This expansion could potentially allow for the growth of our region as a truly world-class tourism destination and business hub [and] I'm proud Port Stephens Council was able to support the purchase."
Newcastle lord mayor Nuatali Nelmes said the expansion was an important part of the city's economic growth.
"As one of the region's most important infrastructure hubs, the additional land will create a new biz-tech precint that alligns with Newcaslte City Council's Smart City Strategy to transform the greater Newcastle economy and create the jobs of the future."
Dr Cock said the expansion was a key part of the 2036 Newcastle Airport Vision masterplan.
"This proposal to purchase will protect future aviation growth opportunties and take us another step closer to the realisation of our master plan," he said.
"Whilst the purchase of the land is still in front of us we hope to have shovels in the ground by the end of the year."
Dr Cock said it will be anything but adhoc.
“We're going though the due diligence now around market appraisals and we have a strong engagement with potential clients in terms of what they want to see the development look like,” he said.
“We're doing some really exciting things in terms of the style of the development, it won't be ordinary, it will be world leading and world class.
“That's the exciting thing, to build and bring something into the Hunter region that's actually of world significance.”