Tiny UK airport being sold for £25m as buyer must do one thing for its future

A 94-year-old UK airport is being sold to help the site continue to grow. The plans to sell Gloucester Airport which is jointly owned by Cheltenham Borough Council and Gloucester City Council were announced at the end of 2023.

The airport established in 1930 has two primary tarmac runways and advanced navigation systems. According to the authorities, real estate advisor Savills has been appointed to market the 350-acre site in Staverton.

Rowena Hay, leader of Cheltenham Borough Council, said they are selling the airport as they do not have the “commercial investments” it needs, reports BBC.

Ms Hay said the site could potentially sell for about £25m.

Ms Hay continues: “There will be provisions and restrictions against development that could be detrimental to the running of the airport itself.

“That includes restricted covenants against building houses but also, most of the airport site sits within the greenbelt and there are strict planning policies regarding that, some of which are specific to protecting the airport.”

The airport site has been jointly run by Gloucestershire Airport Ltd since 1993, and both councils have a 50 percent shareholding.

The Gloucestershire Airport site currently features two successful business parks covering approximately 700,000 square feet, along with planning approval for an additional 320,000 square feet of business space on development land.

Almost £10m was invested into the airport’s runways and associated infrastructure by the Gloucestershire Local Enterprise Partnership, Gloucester City and Cheltenham Borough Councils.

Jeremy Hilton, leader of Gloucester City Council, said the council is “fully committed” to the airport’s future success.

He said: “The council is looking for a buyer with an exciting and robust plan to deliver aviation-based growth at Staverton. The airport needs a capital injection to deliver on its strategy and business plan.

“We need a buyer who shares our confidence in the potential of the business to grow and grow to remain the premier general aviation airport in the south west.”

He previously described the airport as being “vital for the economy of the county”