Insider Media Limited

Business leaders have welcomed the £250m development of Coventry Airport as being of benefit to "the whole of the West Midlands". The airport's owner Sir Peter Rigby detailed two development projects for the site regarding the airport and its infrastructure and the creation of a technology office park. The chief executive of Coventry City Council described the scheme, which is set to generate 10,000 jobs across the region, as "a much needed boost".

The technology office park, which will total 65 acres, would offer manufacturing and distribution investment opportunities, said Sir Peter.

A new extension to the south-west end of Middlemarch Business Park will be created, alongside a new office park to the north of the airport.

It would also include a new junction from the A45 – designed to cure traffic problems at the Tollbar island.

Within the airport's infrastructure, the passenger terminal and cargo facilities will undergo major development. An on-site hotel, restaurant, car parking and airside related hangarage would also be created.

Coventry Airport said it will form a joint venture company with a major, as yet unnamed, developer to complete part of the development.

Sir Peter, who bought the airport in April 2010, said the proposed development would also re-establish passenger flights which would be a major boost to the local economy.

He said: "Since we bought Coventry Airport, our management has been very much community focused and, as always, we are looking to work with the community we serve and bring jobs to the area.

"Our plans to improve the airport’s infrastructure and facilities will benefit the entire West Midlands because we want Coventry Airport to act as an economic catalyst for job creation and income generation.

"As soon as is practicable, we aim to re-establish passenger airlines which will reduce travel time for business and leisure travellers and, crucially at this time, our proposals will lead to the creation of up to 10,000 jobs directly and indirectly.

"We would have the immediate capacity to serve one million passengers a year by re-starting airline operations."

He estimated that the projects will be worth £177.9m of gross value added (GVA) to the economy.

Martin Reeves, chief executive of Coventry City Council and chief executive officer of the region's LEP delivery board, said the plans had given the region "a much needed boost during what remain very challenging economic times".

He added: "It is one of our key priorities to attract major new investment into Coventry and Warwickshire. We already have fantastic plans to regenerate the area around the railway station through the Friargate scheme and the city centre.

"The opportunity to create thousands of jobs in and around Coventry airport is one we must grasp for the benefit of not just the city but the wider sub-region too."

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: "The chamber has been a long time supporter of development at Coventry Airport. The plans look very exciting and would have a major, positive impact on the economy of not only Coventry, but Warwickshire too.

"It’s not just about air travel – this would be a landmark development for the region and will create thousands of jobs and bring a huge boost to the economy."