Council property and facilities manager Garreth Robinson said in a statement the vision of the masterplan was to make the airport safe, user-friendly and efficient for aviation-related businesses, aircraft operators and lease-holders.
"The idea is that the airport will provide for the growth of compatible aviation activities that support tourism, innovation, research and training opportunities in a way that meets community wellbeing.
"Seeing operations like Bryan and Arron’s get established is helping make the strategic vision a reality."
Bryan Jones and Arron Cooper are the directors of Tinshed Aviation Ltd and co-owners of the new hangar.
They have already been operating the business, with permission from the council on a temporary basis, out of a private hangar at the airport.
Since opening the business in October last year, work had been steadily increasing, and to see the new build under way was "awesome", Mr Cooper said.
"Alexandra was our preferred location, and the council has been great to deal with.
"We are looking forward to continuing to grow and contributing to the local community."
Mr Robinson said the council had been aiming to attract this type of business to the airport.
The business also plans to offer flight training based from the new hangar.
The airport runway surface is scheduled for resealing over the summer and the council is working through the design and procurement process for this project.
— APL