Canberra Airport visionary Terry Snow calls it a day after 26 years of leadership

After paying $65m in 1998 to lease Canberra Airport from the government, one of Australia’s richest men rolled up his sleeves to transform it from tin shed to international gateway.

Canberra Airport owner Terry Snow with CEO Stephen Byron.

One of Australia’s richest men and most generous philanthropists, Terry Snow, has announced his retirement from active management of Canberra Airport and the Capital Property Group.

Now 80, Mr Snow was a relatively young 54 when he bought the 99-year airport lease from the federal government for $65m in 1998.

Son Stephen Byron, the airport’s CEO, said that at the time it was one of the largest sums invested in a single asset in the ACT, and was widely considered to be a “very bold move”.

“Canberra was kind of stuffed (back) then. It was in a massive recession due to the Howard-Costello cuts, and there was a paucity of private sector investment in anything,” Mr Byron said.

“To a large extent people had given up hope because there wasn’t any economic opportunity.”

He said there was a view that Mr Snow paid 30-35 per cent over fair value for the airport lease, but he was unmoved.

“He had a view that it wasn’t what you paid for it, it’s what value you could add to it, and he’s added value by investing in capital and creating new things, and the opportunity was there,” Mr Byron said.

But the path from shabby, inadequate infrastructure incapable of landing even a Boeing 737-800 to the gleaming monument it is today was not easy and there was a time when Mr Snow almost threw in the towel, Mr Byron said.

Recognising the enormity of the task ahead, he said his father gave up drinking six weeks after buying the airport and “rolled up his sleeves”.

“I remember 12 months in it was awfully hard, the economics of it were hard,” Mr Byron said.

“We’d been to Europe and had a look at some really good smaller airports over there and he openly canvassed going to talk to the government about giving the airport back and trying to get his money back because it looked too hard to make work.”

Canberra Airport’s main terminal is a fitting gateway to Australia’s capital. Picture: Ginette Snow

Instead, Mr Snow came up with the idea of a non-aviation business park on adjacent land to add value, which then created the balance sheet capability to go to the banks for a loan to rebuild the airport terminal. “That took about eight or nine years to do that, and then it was in December 2007 when we were able to embark on the terminal rebuild,” Mr Byron said.

“Terry is very persistent and if he wants to achieve a dream he will persist. He’s very dogged.”

Today, Mr Snow considered the airport and surrounding development among his proudest achievements, and a fitting gateway to the city in which he grew up.

“He is very proud of it, he’s very proud of his home town which was a small place when he grew up and now it’s a better place because of his contribution,” Mr Byron said.

Although his father was ready for a quieter life, Mr Byron knew he would always retain a close interest in Canberra Airport and the people involved in its operations.

“A couple of weeks ago he was out walking across the general aviation apron to his own aircraft and he thought it looked like there were too many cracks and needed resealing,” Mr Byron said.

“So the GA apron will be resealed in August-September, that’s being brought forward thanks to him. He always talked about how you’ve got to use your shoe leather, both to talk to people and see things for yourself.”

While Mr Byron was set to continue as the airport and Capital Property Group chief executive, Tom Snow would take his father’s place as chairman of the airport board, alongside independent ­directors Amanda Lampe and Brad ­Geatches.

In a statement issued by the airport, Mr Snow said he was as proud of the team and culture they had created as the physical developments at the airport.

“The legacy we have built together will continue to thrive and serve our community for years to come,” Mr Snow said.

One of Australia’s richest ­people, Mr Snow was also among the most generous, with his philanthropic ventures in partnership with wife Ginette distributing $115m in recent years.

Run by daughter Georgina Byron, the Snow Foundation had future commitments of another $200m in health, education, social welfare and employment.