Bankstown Airport Sale

[HappyJack260]

There's an Ad on p16 of today's Sydney Morning Herald (Weekend Business Section) for Bankstown Airport ...Colliers International is offering for sale a 33.3% equity stake in the lease hold land surrounding the airport that is approximately 76.36 hectares. The zoning on the land is flexible and permits numerous development opportunities such as industrial, retail, bulky goods, commercial and aviation [emphasis added]. Please call us for an Information Memorandum.
•76.36 hectares
•Sale of 33.3% equity stake in the land
•Zoning permits industrial, retail, bulky goods,

Anyone know what's going on here? I hadn't seen anything about this previously. Is this one of the syndicate partners pulling back?

Added link: 0 MILPERRA ROAD MILPERRA, Bankstown Airport Sale: For Sale (http://www.realcommercial.com.au/commercial-real-estate/5539584)
http://www.realcommercial.com.au/cgi-bin/rsearch?a=depi&t=com&id=5539584&img=a&s=nsw

[Scion]

By inferance one of the 3 owners must be trying to get out. Perhaps they have a cash flow problem with the present financial crisis.

I would be interested to know if any of the partners had made money out of it at all as it appears to be a money pit even though the management company have been doing their best to extract as much as possible from all over a short term.

[Jenna Talia]

Heard a rumour that Mirvac were trying to pull up stumps.

JT

[Kickatinalong]

I believe DEVCON (spelling?) own YHOX and 1/3 of YSBK have fallen over . Nothing has happened at Hoxton since they put the dozers into the strip and now they want to sell their share of Bankstown. Scion maybe correct regards cash flow.
Kickatinalong.:ugh::ugh:

[nick2007]

Just in the past month, BAL have fenced off and put "for-lease/built-to-suit" signs on every square inch of unused turf on Airport Ave. I suppose they are trying to improve their income, however considering there are already several places for lease which have not been filled yet, the fact they are flooding their local market with property leases wont help.

[Scion]

Not only flooding the market but have you noticed the water lavel after the rain in the area between the old Schoies and The Museum

[PlankBlender]

The current financial climate and obvious difficulties of some realo investment companies could actually be an opportunity to claw back some control over these ill-run airports!

What if some enterprising aviation folks founded a club and gained enough support and everybody put in a small(ish) sum which would then be enough to purchase the offered stake..

[Scion]

Plankbender,
As it stands you would need a contribution of $1000 from 1000 people to get $1million dollars. Now a 1/3 share of the set up is going to be somewhat in excess of $1million so I do not think it is at all possible .

The option at present is that another like Toll who have received direct benefit from their contribution will be involved such as Lindsy Fox or another company like Toll.

Another option is that the edifice will fall over and the Govt take back the lease due to them not fulfilling their obligations.


As many at Bankstown would say they have not fulfilled the spirit of the lease by closing runways and Hoxton Park and indeed perhaps not even the letter of the lease.

So the minnows will continue to be fished out and the world belongs to the big battalions unfortunatly.

[LeadSled]

Folks,
Have a close look at the advertisement, please.

The land depicted, with one third being offered, IS NOT the land operated by Bankstown Airport Ltd, BAL, as Bankstown Airport, YSBK.

The land depicted is "owned" by BAC/DEVCO, a different company to BAL, shareholders are similar BUT NOT the same. All three (major) shareholders of BAC/Devco are looking rather sick right now, as are so many property developers, so it could be any or all of them looking to bring in a one third "shareholder" to pay down an/the existing debt.

Of great interest, and very obscure in terms of the original head lease from the Commonwealth to BAL, is quite how the "sale" --- (a sublease to BAC/Devco, I assume - but not necessarily so) squares with the requirements of the various pieces of legislation that are relevant.

Thus, all the "aviation comes first" provisions probably do not apply to "Devco", because it is not BAL. Just about any sizable block on the whole original site is "Devco land", including probably the aircraft parking areas along Marion St, and the old NCOs Mess/barracks/RAC-NSW site, not just the land on the south side of the runways.

What we do know is that it was all a "done deal", including closing 18/36, before the sale of the 50 + 50 lease, by the Commonwealth to BAL, was completed.

How do we know?, because a senior executive of BAL said so, in front of many witnesses. I doubt he intended to let the cat out of the bag, but he did!!

Tootle pip!!