“The property contains a full terminal building, but most importantly, it has 80-hectares of spare land.”
Nestled within Victoria’s alpine oasis, Hotham Airport stands as Australia’s highest altitude airport. Opened in 2000, the single runway travel outpost is positioned in close proximity to Dinner Plain; the premier all-season alpine village, as well as Hotham, one of the country’s most well-renown snowy retreats. Now, this unique property is being brought to market by the team at Castran.
Standing on approximately 105.36-hectares, Hotham Airport is being listed on Development Ready specifically, as its potential for future refurbishment and repositioning means investors interested by the prospect of improving on an already established, niche commercial asset are being implored to enquire.
Hotham Airport, aerial view - 7799 Great Alpine Road, Cobrungra VIC 3898
Agents Lachlan and John Castran are responsible for managing the sales process, and see serious value for investors in 7799 Great Alpine Road’s offering. “When it was originally built, it cost approximately $7.5 million. In today’s value, replacement costs could go as high as $40-to-$50 million,” explained John Castran.
The airport possesses an award-winning terminal building, with seating for 80 passengers, as well as the full catalogue of amenities expected of a such a facility. Baggage weighing areas, a check-in area, airport managers office, ample toilet provisions, and a garage for snow clearing equipment.
Terminal floor plan - 7799 Great Alpine Road, Cobrungra VIC 3898
But the potential of the land itself is as valuable as the terminal, according to Mr. J Castran. “The property contains a full terminal building, but most importantly, it has 80-hectares of spare land.” Both Hotham and Dinner Plain service a large number of patrons and holiday-goers during the snow season, and staff are essential for catering to this demand. The area needs a higher supply of staff accommodation, and as such, investors have the opportunity to snap up a site that could go on to produce significant hospitality returns (STCA).
Alpine Australia's only commercial airport is being offered to investors via an Expressions of Interest campaign that is set to conclude on the 30th of November, 2022. In terms of commercial real estate oddities, few assets present as well as Hotham Airport, as its combination of ready-to-go facilities compliment its significant development potential well.
