The Peel Group, owner of Durham Tees Valley Airport in North East England, has submitted plans to Darlington Council for the redevelopment of the north side of the airport.
The proposal is intended to maximize the use of airport land to generate additional revenues in the face of ongoing losses. Plans include the construction of a residential development with approximately 350 homes, as well as a local services center with retail space, restaurants, leisure facilities, and financial and professional services.
Robert Hough, chairman of Peel Airports, 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.
“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 can play an important part in supporting its ongoing operations and establishing the viable business base which will help it to move forward.”
