Now a transformation is under way, thanks to a consortium that took ownership of the airport in July.

Airport director Rob Hibberd said the new owners had spent about $100,000 cleaning up the site.

"Instead of kids coming on site and kicking in the asbestos building, they might stand at the fence thinking, 'gee I might become a pilot one day'," Mr Hibberd said.

The cost of holding the land is high, so the owners aim to get things moving quickly.

Mr Hibberd said hangar roofs were being repaired and a cafe was planned in the terminal building.

"We've been doing existing buildings up to start renting some space out and slow down the cash bleed," he said.

Mr Hibberd met Friends of Belmont Airport convener Chris Osborne last week to discuss the site's future.

Mr Osborne said his group was "right behind" the airport rejuvenation and had opposed plans to develop the site for housing.

Mr Hibberd said his Redhead business, Airborne - which sells microlights and gyroplanes - aimed to shift to the Belmont site.

Others in the consortium include Matt Hall Racing, Newcastle Helicopters and Skydive the Beach.

Aviation-related businesses such as charter operations, skydiving and adventure flights are planned.