7 June 2016
The future of Durham Tees Valley Airport is said to be secure following the publication of a development plan for the site.
The new Airport Master Plan, published by owners Peel Group, show residential and local services being constructed on the north side of the airport.
Announcing the proposals, Robert Hough, Chairman of Peel Airports, emphasised the importance of generating funds for the investment needed to support the Airport to become a viable business.
The Peel Group acquired a majority shareholding in Durham Tees Valley Airport in 2003 and since that time has invested more than £34 million in operating and capital costs, the company said.
Development plan for north side of the runway.
“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,” said Mr Hough.
“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.
“We understand the importance of maintaining an airport for the Tees Valley and its importance to the area’s economic future,” he continued. “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.”
View the DVTA Airport Master Plan here
Durham Tees Valley Airport
