A £23.6million investment by the Tees Valley Mayor and Combined Authority that will kick-start development on 270 acres of land at Teesside International Airport and unlock £200million in private sector investment has been given the green light.
The funding will be used to develop critical infrastructure, including connecting the site to the main utilities and provide access to the Southside of the airport from the A67.
Once in place the £200million inward investment will be provided over the next ten years and see 3.4million square feet of logistic, manufacturing and commercial space built at the airport through a joint venture partnership with a private sector developer. The development could create 4,400 jobs.
Mayor Houchen’s deal to buy Teesside International Airport included 817 acres of land and presented significant opportunities for property development, inward investment and the creation of new jobs. The Southside land, comprising 270 acres and running parallel to the runway, is by far the largest area for potential development.
At a meeting on Friday the plans were given the go-ahead by the Mayor and Local Authority leaders, enabling works to start on-site early in the new year.
Tees Valley Mayor Ben Houchen said: “Ever since I brought the airport back into public ownership and saved it from closure, I’ve made clear that the future of our airport and its success, goes way beyond just securing more flights.
“It means working in the interests of the businesses in the region, and those elsewhere looking to relocate here. This is vital to growing our economy and creating the good quality, well-paid jobs we all want to see come to our region for hard-working local people.
“This development goes even further too with all the money made pumped back into Teesside International to realise our ambitions of making it a success.
“This has been a huge year for our airport. Since January we’ve taken back control of our airport, appointed a brilliant new operator in Stobart Group, brought back the much loved Teesside International name, seen the return of holiday flights for the first time in five years, the first flights to Spain in seven years, and the best KLM flight numbers to Amsterdam for 14 years.”
Cllr Mary Lanigan, Combined Authority Cabinet Lead for Inward Investment, said: “We have a massive opportunity right on the airport’s doorstep to develop a top-quality business park that will draw inward investment into Tees Valley. We have been looking at every way we can to maximise the benefits from our airport and this is the next step on its road to success.”