An airport has clinched a multi-million pound boost in its campaign to bring up to 3,000 new jobs to the Tees Valley.
The Peel Group, which is the parent company of Durham Tees Valley Airport’s majority shareholder, is pledging £5m.
Today’s announcement reflects the strategy set out in the Master Plan to maximise the potential of the whole airport site in order to help secure air services for the future and to make Durham Tees Valley a major hub for business and general aviationAirport chairman Robert Hough
The money will be used to begin opening up the potential for attracting jobs and investment on land south of the airport’s runway.
And another £5m has also been earmarked, subject to conditions such as due diligence scrutiny, through the Government’s Local Growth Fund which overseen by the local enterprise partnership Tees Valley Unlimited.
The plans include a new link road between the north and south sides of the airport, running around the eastern end of the airport runway.
It also incorporates the first phase of a business park which could create up to 3,000 jobs as well as contributing over £11m a year to the local economy.
Airport chairman Robert Hough said the plan was “to maximise the potential of the whole airport site in order to help secure air services for the future and to make Durham Tees Valley a major hub for business and general aviation.”
TVU managing director Stephen Catchpole said the application was “a sign of the commitment of Peel” to deliver the vision it set out in the airport Master Plan.
That vision was to use the potential of the whole airport site to develop wider revenue streams - and that would ensure the airport was a viable business which could expand in the future.
The next stage, he said, was for the proposal to complete successfully the independent due diligence process used by Tees Valley Unlimited for all Local Growth Fund projects.
The 1.9million sq ft Southside Business Park will become known as Aero Centre Tees Valley. It will offer chances of investment for industrial, warehousing and logistics businesses.
Work is also continuing on developing plans for a range of mixed-use developments on the north side of the airport.
The plans, including the construction of the new link road between the north and south sides of the airport, are being submitted to Stockton and Darlington councils.