£150 Million Terminal Building Coming to Leeds Bradford Airport
Northern England’s connectivity could get even better, with Leeds Bradford Airport submitting fresh plans to construct a ‘state-of-the-art’ terminal that aims to improve passenger experience and support economic growth in the region, all while retaining an extremely high level of environmental efficiency.
The plans, due to be submitted in April this year, detail a replacement of an existing scheme and the current building with a three-floor terminal on a new site. If approved, Leeds Bradford Airport will become home to an incredible 34,000 sq mt. terminal, with improved shopping, restaurants, bars, and interiors. With an improved location near to a proposed rail link, the efficiency of passenger transfer can be greatly improved. One of the most significant outcomes of this investment is that Leeds Bradford Airport will be able to meet its net zero carbon emissions target by 2023.
12 years ago Leeds Bradford Airport was sold off by the council in the hope that a private company would be better placed to inject cash into the site and improve services. With the current terminal dating back to 1965, it’s probably about time for a revamp. The owners, AMP Capital, already agreed to a £12 million cash injection, but the airport’s Chief Executive, Hywel Rees was unsatisfied with those plans and went back to the board of AMP to negotiate a new plan and investment figure – £150 million.
Hywel Rees is quoted as saying, “This proposal is not about growing beyond our predicted capacity; it is about meeting the same demand in a more efficient way, with a smaller environmental footprint. We’re confident that a vision will deliver an airport building that is better placed to support out region’s economic growth and become one that Yorkshire can be proud of.”
The airport currently sees 4 million passengers a year, and the expected increase over the next 10 years is 3 million.
The plans are an exciting announcement for both Leeds and Bradford, who will be welcoming greater connectivity and an updated airport. There is an acknowledged need to improve infrastructure around travel to and from the site. Hopefully, this large cash injection is the beginning of an overall rethinking of transportation around the airport. An extra 3 million people per year using Leeds Bradford Airport will certainly place pressure on the roadways.
This initiative to revamp Leeds Bradford Airport falls nicely within the Northern Powerhouse Initiative, aimed at reducing the economic gap between the North and the South. Making this airport a centre of global connectivity is an exciting prospect for the region, and foreshadows future prosperity.
Here at Aspen Woolf, we have a range of investment property options across Northern England, with a special focus on the high growth cities of Leeds and Bradford. Property experts Savills recently published forecast that estimate Yorkshire property prices to grow by 21.6% over the next five years. Have a look at our options to find out how you can capitalise on northern growth.