The MOD site may well be sold off, there has been negotiations surrounding it. Reading the OPSCO minutes there does seem to be some things in the offing regarding the MOD site.
In one of the GPACC meetings it was stated that a Cyprus route was considered viable by another airline, best guess, Cobalt, but they've gone, along with discussions with an Eastern European airline who had concerns about competing with Ryanair.
It is difficult to see where an increase in passengers may come from to create a profitable passenger side of the business.