The value of Rotorua Airport's land has jumped in the past year, largely due to work under way to develop a masterplan for the airport and build non-aviation revenue.
Rotorua Airport chief executive Mark Gibb said the financial surplus and passenger movements are both ahead of target and the valueof Rotorua Lakes Council's interest in the airport is now $48 million compared with $30m the previous financial year.
He said the increase was not surprising.
Rotorua Airport is 100 per cent owned by the council and operates as a Council Controlled Organisation (CCO) with an independent board.
In 2018 the Emergency Operations Centre was completed, the early morning flight between Rotorua and Wellington was reinstated and the terminal redevelopment work started.
An artist's impression of Rotorua Airport's new-look departure terminal plans. Photo / Supplied
Gibb said from here, the key priorities to provide further income-earning opportunities for the airport were the terminal redevelopment, adding extra aviation security and growing flight services and capacity for both general aviation and helicopters.
"Over the course of last financial year, we spent circa $50,000 on master planning and design. Over the course of the 2019 financial year, we will spend circa $100,000 in moving towards the development of the first phase of the masterplan."
Conceptual impression of the Rotorua Airport development. Image / Supplied
Rotorua Airport Limited chairman Peter Stubbs said there was also a strong focus on 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."
Conceptual impression of the Rotorua Airport development. Image / Supplied
He said the airport's main role was supporting economic development in tourism and other sectors.
"It's a surprisingly complex business. The company is responsible for co-ordinating multiple operations on a 100ha site."
Conceptual impression of the Rotorua Airport development. Image / Supplied
The valuation was completed by Telfer Young in line with the airport's requirements as a CCO.
Rotorua Airport hosts 215,000 passengers a year with daily direct Air New Zealand services between Auckland, Wellington, Christchurch and Queenstown (via Christchurch).
