Councils across Greater Manchester are planning to invest more than £50m in the construction of a multi-storey parking facility at Manchester Airport.
The 10 local authorities are already shareholders in the airport and will contribute equally to build a new ‘drop and go’ facility adjacent to the Terminal 2.
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The new car parking facility will be able to accommodate approximately 7,500 cars.
Council documents suggest the planned investment will cover the upfront capital costs for the facility.
Greater Manchester will partner with airport operator Manchester Airport Group (MAG) who will contribute land intellectual property and know-how to manage the car parking building operation.
A Manchester Airport spokesman was quoted by the Manchester Evening News as saying: “This is a one-off investment project in a new car park at the airport for the 10 Greater Manchester councils, which will involve them providing new funding for the project, and then benefiting from the proceeds from the car park.
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By GlobalData“Like many businesses of our nature, we present our shareholders with investment opportunities whenever we believe they have the potential to deliver benefits to them, at the same time as enabling us to further invest in facilities for our customers.”
In 2018, Greater Manchester’s councils granted £200m in loans to fund Manchester Airport’s £1bn ‘super terminal’ project. The plan is expected to increase its annual passenger handling capacity to 10 million over the next decade.
Manchester City Council has also agreed to provide a £125m loan to the MAG to support its transformation programme.
The loan has been divided in two, with £50m being invested in 2018 and a further £75m in 2019/20.
