Cheltenham Borough Council and Gloucester City Council have appointed a well-known estate agency to market the sale of Gloucestershire Airport in the UK.

The aviation hub, for which plans to sell were originally announced at the end of 2023, is described as sitting on a 350-acre site with planning consent for an additional 320,000 sq. ft. of business space. The purchase of the airport also includes 100 per cent shares in the operating company. Saying it is “extremely rare for an airport to come to market,” Ian Simpson, Head of Leisure and Trading at Savills, said that while the Councils have done an excellent job with the airport, which was ranked the UK’s busiest General Aviation in 2023 by the Civil Aviation Authority accommodating over 66,000 aircraft movements per year, “it is now time for a new owner to seize this business opportunity and build on its historic success.”

Business opportunity

Strategically located adjacent to the M5 motorway between Gloucester and Cheltenham, the airport has two primary tarmac runways, advanced navigation systems and two thriving business parks spanning around 700,000 sq. ft. Between 2021 and 2022 the airport received almost £10 million of capital investment from the Gloucestershire Local Enterprise Partnership, Gloucester City and Cheltenham Borough Councils to fund runway and associated infrastructure upgrades.

“There is huge potential for further airport related and ancillary development, with the aim of this process being to find a buyer who will continue aviation operations, as well as deliver further growth in airport related commercial development,” continued Simpson.

Sale expected to reach £25 million

Prospective buyers with £25 million to spare, which is what the site could potentially sell for are advised to come armed with an “exciting and robust plan” to deliver aviation-based growth at the regional airport. They certainly won’t be short changed, according to Simpson, who told Regional Gateway the financial benefits for the buyer include a “sound income stream from the existing let property portfolio, asset management opportunities through rent reviews in progress and future development of the non-operational areas of the site, as well as the development or sale of the CGX development site which has planning permission.”

He added the future owner will also “continue to operate the airport as a going concern, which has associated planning/ development benefits.”

Confident that a buyer will be found who recognises the site’s commercial potential and can further its success, Councillor Rowena Hay, leader at Cheltenham Borough Council, also emphasised the airport’s “significant contribution to the regional economy,” which she added offers a “great opportunity for its new owner to build on.”

Adding his comments on the sale, the airport’s Managing Director, Jason Ivey, noted that “to lead such a diverse and vibrant business such as Gloucestershire Airport, is an absolute privilege… Although both Cheltenham Borough Council and Gloucester City Council have been incredibly supportive of the airport over the years, we now enter the next chapter of Gloucestershire Airport’s story and I can’t wait for the business to fully realise its true potential with the right investor.”

While there are no confirmed offers on the table currently, Simpson did reveal that Savills has had a very good response from initial marketing “with enquiries from aviation related business and property/ infrastructure investors amongst the initial interest.”

Image source: Gloucestershire Airport