Coldstream Airport in Victoria's Yarra Valley will expand into a much larger facility if plans by the new owner come to fruition.
Coldstream has been owned by the Doakes family for many years and houses Yarra Valley Flight Training and several private aircraft, but the airport was put on the market recently sparking fears for its future.
Currently it is the only sealed runway in the Yarra Valley.
It was revealed in the Australian Financial Review this week that the airport and adjacent Sunny Meadows farm has been sold to Acuity Development Group for $24 million.
Warragul-based Acuity is run by CEO Melissa Fisher, who is a CPL with a command instrument rating.
Fisher told AFR that her company has plans for a four-to-six-year $300 million development of the airport and Sunny Meadows, which includes expanding the airport and building new hangars with lofts in an airpark-style development.
Further development plans include wine and aviation museums, a wellness centre, a large amphitheatre-style entertainment centre and 120 accommodation units.
Aviation tenants on the airport that have spoken to Australian Flying have aired concerns that the development may cause hangar rents and access to rise to meet the commercial expectations of the new owner, or the airport may become more exclusive and less available to the general aviation community.
Aquity Development Group has been contacted for comment.