Tenure at Cambridge
We have been very fortunate that the airport has been retained by owners who are committed to aviation but regrettably it is not necessarily something that we can bank on in the long term.
Our tenure at Cambridge is currently limited to a lease of 3 years expiring at the end of October 2013. We were offered a new lease with a period of 5 years and a possible extension of a further 5 years. The total outgoings for the new lease were more than double our current rental so we have stuck with our original lease for the time being because the increase would have put the club into a position of almost certain losses for several years totalling in the tens of thousands of dollars. A long term lease was not available so the option of further developing our club infrastructure for the long term and making up short term losses in future years was not practical.
The very large increase in rental and outgoings would have been primarily for the recovery of land tax and rates which have gone through the roof due to the airport land which we occupy being zoned commercial now that the airport is being partially subdivided, together with the substantial increases in land values in the area that have occurred in the last few years.
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