20.12.19
Tees Valley Mayor approves deal to unlock £200m airport deal
Tees Valley Mayor, Ben Houchen, has today (Dec 20) approved £23.6m to help fund the building of a major logistics and manufacturing park at Teesside International Airport.
The £200m development, to be built on the 270-acres of land on the southside of the airport will include 3.4 million square feet of logistic, manufacturing and commercial space to be built over the next 10 years, in a public/private sector partnership.
The potential of the £200m site includes the creation of 4,400 jobs and £3m a year available to reinvest back into the airport.
The £23.6m signed off by the Mayor today, will be invested into critical infrastructure allowing wider development to take place, including connections to the main utilities and providing access to the southside of the airport from the A67.
817 acres of land were included in the Mayor’s deal to buy Teesside International Airport, making way for property development, inward investment and significant job creation.
The area for the proposed logistics and manufacturing park is on the southside land, which runs parallel to the runway and is the largest area for development.
When the airport deal was made, Houchen committed to a 10-year rescue plan, with ambitions to increase passenger numbers to 1.4m, secure and low-cost carrier by 2022 and create thousands of new jobs.
Mayor Houchen said:
“This investment is a major step forward for our airport. I’ve always said our airport isn’t just about holiday flights, for our airport to be truly successful and sustainable appropriate development around the airport site would be needed. Today’s announcement is a huge step forward in achieving this.
“Not only does this investment unlock £200m in private sector development it will also lead to the creation of thousands of good-quality well-paid jobs for local people.
“Once up and running, this new logistics and manufacturing park will see £3m from the development reinvested back into our airport to make sure it is safe for the long term. All money made from this development will be put back into the airport to help it grow and attract new flights and not a single house will be built.
“Teesside International is a major economic driver and job creator and since bringing our airport back into public ownership and saving it from closure a huge number of businesses have already approached us wanting to setup at the airport. This development will provide the high-quality facilities they need to thrive and boost our economy.
“Make no mistake, Teesside is on the up and this is another huge boost for our airport just before Christmas in what has been a brilliant year where so much progress has been made. I expect to see even more exciting progress in 2020!”
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