DURHAM TEES VALLEY AIRPORT - 5

[DTVAirport]

Originally Posted by skyman771

There will be plenty of money around when they get their redevelopment of land under way, problem is it is only going to go one way.........

If that's a hint that Peel will trouser the money themselves they can't, there's a legal agreement in place that states money received from the housing development has to be invested back in to the airport.

They didn't trouser the £12m bmibaby compensation after all.

[jetstar.8]

DTVAirport
where did the 12m bmibaby compensation money go then

[DTVAirport]

Still sat in the airports bank account as far as I know, it was definitely declared on the airports last published finances I remember.

[jetstar.8]

DTVAirport
hope they are going to use it on the masterplan

[Northbound A1]

BMI compensation money - where did it go?

Nope, can't see £12m or even £1m for that matter?

Anyone got a friend in DTV accounts who can explain why the pot is empty?

PEEL INVESTMENTS (DTVA) LIMITED. Free business summary taken from official Companies House information. Free Alerts.

[North West]

Elsewhere in the Peel empire, they are buying under their Intu ownership. New shopping centres costing hundreds of millions, while DTV is being run into the ground.
Intu Properties plc Intu announces asset acquisitions and rights issue - WSJ.com

And they say there is no money around.

There's lots of money around. Always has been. Finding a place to invest it with the appropriate risk / reward is the challenge. Investing in aviation in the North East of England at the moment is high risk and low reward, so naturally the money will flow elsewhere.

Combine the overall pax throughput of NCL and MME from the peak 2006/2007 era and it's the worst performing region in the country by a mile. Until there is some fundamental change in APD, oil prices or the economy in the North East, it's not going to be a magnet for aviation investment. In the case of MME, even when credit was cheap, employment was high, oil and APD was low, many of the flights weren't viable so unless an airport operator is prepared to subsidise the routes themselves, the chances of airlines committing to anything are next to nil. Peel have cut their cloth to suit this reality.

[DTVAirport]

Northbound, it's there somewhere, I've seen it with my own eyes and someone posted it in detail on here not too long ago

[apaul]

The £6.8 million profit in 2011-2012 was because of the BMI payment. Durham Tees Valley Airport: Slump in passenger numbers leaves airport £3.6m in the red - Gazette Live

[DTVAirport]

The finalised draft of the master plan was due to be released mid-March so I'm guessing it will come out any day now, so to take an educated guess, I would imagine they'll apply for the houses almost immediately, I don't know how long such applications take (the one that was recently refused had been known about for quite some time), I believe a third party will deal with the houses, so whether that third party stumps up the £20m straight away in one lump sump or if it trickles in gradually over a number of months/years I don't know, but given the desperate lack of hangarage in the North East let alone the wider UK, I would have thought Peel would want the hangars up and running at the earliest convenience and I'm sure I've heard someone state "this year".

Not much of an answer but hopefully someone can elaborate?

[NorthSouth]

the desperate lack of hangarage in the North East let alone the wider UK

Is that "people who would like to have their pet aeroplane in a hangar" or "people who are prepared to pay for having their pet aeroplane in a hangar"? And if it's largely private owners, is there any evidence whatsoever that they are prepared to pay the sort of money that a company like Peel are likely to charge? I don't believe any of those hangars will ever be built.
NS

[DTVAirport]

If the houses get built the hangars have to get built.

As for the use of the hangars, I don't know, could be Weston for GA (they've asked their clients before if they would opt for hangarage were it available, I think the vast majority said yes), it could be Sycamore as they would really benefit from a hangar that could fit their aircraft straight in rather than having to chop the tail off first or they could use it as bait to try and attract a new air operator.

[DTVAirport]

Yeah there is a 'Section 106' agreement in place which basically means the airport has to declare where the money earned from housing is to be spent.

[Northbound A1]

Hmmm, so Peel just have to say where they plan to spend the money?
Maybe Whittaker might want a new swimming pool in his garden instead of erecting new hangars.

While driving out of the airport I noticed that the caravan park is full. Will Peel be leaving the caravan site in situ once the houses go up? as I doubt the new neighbours will want a view of them.

[DTVAirport]

Northbound, stop stirring, Peel have already stated where they plan to spend the money - hangars.

I seem to remember hearing the caravan park would be relocated, but not 100% sure.

[Hipennine]

DTVAirport, can you explain how a section 106 agreement exists re the houses/hangars, when no planning application has been made for either houses or hangars ? (note a Section 106 agreement is made as part of a planning approval, not before).

[highwideandugly]

Cargo!!

Beafer...don't be silly...nothing...passengers,cargo,trains,aeroplanes or basically anything goes through the airport these days,nothing.

The cards are on the table ,if the housing doesn't go ahead(and that's going to be fun) then it's goodnight from us(peel) and certainly will be goodnight from dtv.

[jetstar.8]

Caravans

Think the change of use for the car park to store caravans was for three years 1 year has already gone now.
see what happens in two years time

[DTVAirport]

I did say I wasn't sure; either way hangars are the intended investment.

[N707ZS]

I see our avid paper reader didn't spot the new contract for the fire school to teach French firemen. A little bit of good news.

[N707ZS]

Hear you go Northbound:

Airport fire training business secures French connection (From The Northern Echo)

I know you guys at Hartlepool are fearful of the French but quite sure they won't have a monkey with them;