Plymouth: Plans To Turn The Airport Into Housing
20 October 2015, 10:19
A new report claims redeveloping the site would fulfil 10% of Plymouth's housing need, create hundreds of full-time jobs and generate tens of millions of pounds for the economy every year.
Regeneris, a leading independent economic research consultancy whose clients include the Department for Communities and Local Government and the Homes and Communities Agency, concludes that the redundant site can play a vital role in the economic and social future of the city.
The research-based report shows how the former airport could become a centrepiece of the Plymouth Plan as a new garden suburb that would:
- deliver 360 permanent jobs for the city and 340 construction jobs
- attract £190m of construction investment create permanent economic benefits of almost £60m GVA over 10 years
- generate £14m annually in household spend, supporting a further 180 jobs generate annual income of around £16m in business rates and council tax
- generate one-off council receipts of a further £16m from the New Homes Bonus and Community Infrastructure Levy
In addition, Plymouth City Council could receive a windfall of well over £50 million, depending on market conditions, from the site being redeveloped because of its freehold interest in the site.
The former airport closed almost four years ago and at 113 acres is the largest brownfield site in Plymouth.
The new development could have 1,600 mixed homes, a hotel, gym, restaurants, local shops and a velodrome.
It'll create 1,300 new jobs and an additional £48 million of economic growth every year by investing in under-used sites along the waterfront.
The company's marina and fisheries activities already support 770 jobs in Plymouth and generate around £28 million a year GVA for the local economy.
Publication of the Regeneris findings comes a week after Prime Minister David Cameron visited Devon to launch his 'crusade' for a million new homes by 2020.