Culdrose is a key operational base for the Royal Navy.
Work will involve an upgrade and renewal of the existing airfield taxiways and sections of runways, as well as ground lighting and ancillary equipment.
The job started this month and follows on from the scheme which Lend Lease successfully carried out last year to renew the lighting and resurface the main runway at the base.
Michael Dyke, Executive Director of Lend Lease, said: “The Royal Naval Air Station at Culdrose is one of the most complex and busy airfields in the UK and Lend Lease is delighted to be delivering this key infrastructure project.
“We are proud to have been a trusted partner to the Ministry of Defence for a number of years and are passionate about continuing to support the service men and women in our armed forces.”
Lend Lease will deliver the Culdrose scheme through the Regional Prime Contract South West.