BELMONT Airport has sold to a consortium 12 months after first being placed on the market.
Matt Hall Racing, Airborne, Newcastle Helicopters, Skydive the Beach and a private investor are the new owners of the 15-hectare site.
The group plans to use it for charter operations, skydiving and adventure flights.
Red Bull air race pilot Matt Hall, of Matt Hall Racing, said it could become "an attractive travel hub for the region" in due course.
"It's a matter of slowly but surely developing it, so we're not upsetting or insulting anybody," Mr Hall said.
The investors walked away from a nearly sealed deal to buy the site from developer Mirvac in December, due to unresolved issues concerning a development application.
Lake Macquarie City Council requested the group lodge a new application for the airport, rather than an application for site improvements only.
A council statement said "[council] staff have consistently advised that a DA [development application] for airport-related activity will be required".
The new owners are expected to meet with council staff in the coming weeks to determine a process for submitting plans for the airfield.