New plans for Durham Tees Valley Airport
The Peel Group have submitted plans, which include the building of 350 new homes, to Darlington Council.
The owners of Durham Tees Valley Airport have unveiled plans for a major development project which includes the building of 350 new homes.
The Peel Group have submitted plans for the land on the north side of the airport, in a bid to use all of the land around the site.
They've already pumped ÂŁ34million into the airport, but acknowledge that further investment is required to keep the site going.
These new plans include the building of new executive and family homes and a local service centre, with room for shops and leisure facilities.
Robert Hough, Chairman of Peel Aiports 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 re-investment. 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.”
These plans are part of their Airport Master Plan, which aims to create more jobs by developing the Durham Tees Valley Airport site.