QANTAS and Brisbane Airport Corporation (BAC) have today reached a commercial agreement covering terminal and runway access at Brisbane Airport, which includes arrangements for the airline to dispose of its long-term lease on its terminal. QANTAS holds a 31 year lease, signed in 1987, on the northern end of the Domestic Terminal at Brisbane Airport which is due to expire on 30 December 2018. Under the new arrangements, Qantas would retain exclusive use and operational control over much of the northern end of the terminal until the end of 2018 while securing rights to key infrastructure beyond this period. In addition, BAC plans to make a significant investment in upgrading and improving facilities and services within the terminal, such as lounges and will assume control of the retail space of this part of the terminal.
Qantas will receive total cash proceeds of $112 million from BAC under the arrangements.