PREFERRED PARTNER FOR NEWQUAY AIRPORT REVEALED
Cornwall Council has confirmed its preferred commercial partner to help develop the Newquay Airport estate.
The authority, which owns the airport, said it has been in exclusive negotiations with Adynaton Asset Management LLP over recent weeks.
It has admitted it needs specialist help and private investment for the airport site to grow and reach its potential.
It hopes to have finalised a deal to be presented for approval by the cabinet in the autumn.
The Newquay Airport estate also includes Spaceport Cornwall, the Aerohub Business Park, Kernow Solar Farm, and 200 acres of undeveloped land.
Despite the airport bringing £72m into the Cornish economy annually, the council currently subsidises its operation by £4m a year.
The council described Adynaton as "specialist asset managers of complex sites and airports in the UK and Europe".
It stressed any deal must include the airport staying open and growing - and that its partner has no intention of closing it at any point in future.
Any agreement should also include a plan on how to develop the estate to encourage new businesses there, it added.
Local businesses and opposition councillors had raised concerns about the lack of consultation during the process.
The council has since started a series of meetings to hear their views. It also confirmed it had no intention for housing on the site.
Councillor Louis Gardner, portfolio holder for the economy, said: “This is the next step in a very rigorous process and means an exciting opportunity to introduce potential significant new funding into the Cornish economy."
He added it would "provide the long-term economic stimulus that the area needs and ensure value for money for Cornish residents”.
The council said it hoped an agreement and plan for developing the estate would be completed by early September, ahead of being approved by the cabinet.