Peel Airports, owned by UK-based private real estate The Peel Group, has unveiled plans for a major development programme at Durham Tees Valley Airport in northeast England.
The land on the north side of the airport will be developed into a residential area with a local centre offering commercial, retail, leisure and community services.
The plans have been submitted to England’s Darlington Borough Council and are part of a master plan to optimise the airport.
Peel Airports chairman Robert Hough said: "100% of the revenues generated from the housing development will be reinvested in the airport business."
The development includes 350 houses and a local services centre offering financial and professional services, small-scale retail spaces, restaurants and leisure facilities.
Proposals have also been made for community facilities such as dentist, health centre and nursery, and local services such as affordable housing, education, development of highways and transport infrastructure.
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Hough added: "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 today can play an important part in supporting its ongoing operations and establishing the viable business base which will help it to move forward."
The development programme will help strengthen the local economy and create at least 100 jobs for the local people.
In 2003, The Peel Group purchased a majority stake in Durham Tees Valley Airport and has since invested more than £34m in operation and capital costs.
Image: Durham Tees Valley Airport in North East England. Photo: courtesy of Dtvairport / English Wikipedia.