Land for sale adjoining Mittagong Airfield

[Mittagong Aero Club]

A couple of years ago, faced with the possibility of losing our airfield altogether, some of our club members at Mittagong Aero Club pitched in with loans that enabled us to buy the property, preserving it permanently for the benefit of club members and the local community. In order to retire some of its debt, the club is now offering for sale this adjoining land parcel consisting of 26 acres with a building entitlement.  It is obviously a very unique property and therefore quite difficult to value so the club is completely open to offers. Please feel free to contact us if you would like to discuss.  mittagongaeroclub.com.au or 0418 643082.

 

https://www.realestate.com.au/property-residential+land-nsw-mittagong-203994132

[Mittagong Aero Club]

 

[skippydiesel]

Probably make more money/better use as an airfield asset,  by having hangers as per Napper Field/Wedderburn

[Marty_d]

Good production.  Good luck with the sale!

[skippydiesel]

As I say - Take the long view, could probably have any number of hangers (not just one rich dud) on that block, financially & physically participating in the airfield and its activities. The short term financial windfall will be long gone and there will still only be one more aircraft/participant.

[Thruster88]

They want or need to retire debt, building more hangars will not achieve that. Based on reality a hangar costing $125k will return a gross income of about $12,000 pa. Pay insurance and other cost and you are left with f a to pay the interest on the $125k loan. The days of cheap hangars and rents may be gone.

[skippydiesel]

8 hours ago, Thruster88 said:

They want or need to retire debt, building more hangars will not achieve that. Based on reality a hangar costing $125k will return a gross income of about $12,000 pa. Pay insurance and other cost and you are left with f a to pay the interest on the $125k loan. The days of cheap hangars and rents may be gone.

The "owner" builds the hanger and leases the land - check out what Wedderburn have done very successfully.

[KRviator]

On 07/09/2024 at 4:33 PM, skippydiesel said:

The "owner" builds the hanger and leases the land - check out what Wedderburn have done very successfully.

My only concern with that concept is you never really 'own' anything beside a shed. And at the end of the lease, you may have to remove your shed and slab at your cost, depending how the lease agreement is written. it works well when the landlord/owner is supportive, but can be problematic towards the end of the lease period or even just trying to sell mid-lease.