AIRPORT PLANS TAKE FLIGHT THANKS TO COMMERCIAL PROPERTY ADVICE
08 Mar 2019
Commercial property specialists JK Property Consultants, working with Turner & Townsend and Lichfields, have completed their advisory role on a deal which has seen Durham Tees Valley Airport return to public ownership.
Tees Valley Combined Authority purchased the airport for £40m from former owner Peel at the end of January.
The deal took months of negotiations and involved in-depth stakeholder engagement to ensure the ten-year investment strategy would deliver economic benefits for the region and create new jobs.
The masterplan for the project identified ambitious plans for developing 350 acre site, including 9,600 sq. m. of office accommodation, 1,900 sq. m. of workshops, 12,170 sq. m. of warehousing and 176,900 sq. m. of industrial space.
Following the purchase, the Combined Authority plans to better utilise the wider property proposition on the airport site in line with key priority sectors laid out in the North East Strategic Economic Plan, including advanced manufacturing, materials and pharmaceuticals.
This will take place alongside the ongoing management of the existing portfolio of businesses currently operating at the airport, ongoing management and development of aviation activities and creation and delivery of an expansion plan for the airport, specifically aimed at increasing passenger movement and attracting additional routes.
The airport will rebrand to Teesside International shortly and plans are to secure a new low cost airline which will fly from there in the near future.
Kevan Carrick, principal of JK Property Consultants, said: “The airport deal was a clear part of Ben Houchen’s manifesto when he ran for Mayor and the benefits of this move have been well documented.
“Having long worked on place marketing and transport infrastructure to deliver long-term, sustainable economic benefit for the North East, it has been a pleasure to work with both Turner & Townsend and Lichfields to provide the Mayor and Combined Authority team with the advice needed to make such a landmark deal happen.”
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