The plans to redevelop part of Durham Tees Valley Airport have been submitted.
Airport owners The Peel Group are proposing to develop land on the north side of the site to introduce residential development and a local services centre for retail, commercial, leisure and community uses.
The plans have now been submitted to Darlington Council – see graphic below.
Peel chairman Robert Hough has emphasised the importance of generating funds for the investment needed to support the Airport to become a viable business, which can be sustained into the longer term.
The Peel Group acquired a majority shareholding in Durham Tees Valley Airport in 2003 and since that time has invested over £34m in operating and capital costs.
But he says if the airport’s future is to be secured, significant ongoing investment is required.
Hough said: “In recent years, we have taken a range of measures aimed at achieving a better balance between costs and revenues but the reality is that in line with many of the UK’s regional airports, the business continues to make significant annual losses.
“That is why we have to develop all our assets, including land, to provide the resources for reinvestment. 100% of the revenues generated from the housing development will be reinvested in the airport business.
“The development plans have the potential to bring much needed security to the airport’s future for a minimum period of five years and potentially the next ten years. This would allow time for the region’s economy to recover, supporting the prospects for growth in services.
“We understand the importance of maintaining an airport for the Tees Valley and its importance to the area’s economic future.
“The plans we have put forward today can play an important part in supporting its ongoing operations and establishing the viable business base which will help it to move forward.”