Gloucestershire Airport, located on a 375-acre site at Staverton, is once again up for sale after the initial sale attempt collapsed earlier this year. Jointly owned by Cheltenham Borough Council and Gloucester City Council, the airport has been a costly burden on taxpayers, prompting the councils to seek a sale with an asking price of £25 million in 2024.
Though a preferred bidder had been agreed upon during the first sale attempt, the deal did not proceed. Subsequently, in June, the councils relaunched the sales process, appointing international property advisor Savills to oversee the renewed effort. Currently, bids are under review, with Gloucester City Council reporting an “encouraging level of interest” from various potential buyers.
City councillors are set to vote later this month to grant council leaders the authority to finalise a sale once a new preferred bidder is selected, aiming to bring the transaction to a successful conclusion.
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A spokesperson for Gloucester City Council commented, “The process to sell Gloucestershire Airport is progressing well, with an encouraging level of interest from a range of potential bidders. Bids are being assessed through an external structured process. The airport’s shareholders remain committed to selling the site as an operational airport and within an agreed timeframe.”
Alongside the sales effort, work continues on the airport’s financial recovery plan, with the management team implementing initiatives to enhance the airport’s financial position. Specialist aviation consultants have been engaged to offer independent advice and assess alternative strategies if needed.
Importantly, the councils are not considering options such as establishing a joint venture with commercial investors or closing the airport to repurpose the land for development. A report to be presented on 24 September indicates that a joint venture would pose significant commercial risks, as investors would seek substantial equity release provisions or income strip arrangements. Closing the airport and promoting redevelopment conflicts with the councils' long-standing commitment to preserve the airport’s operational future.
The focus remains on securing the best possible outcome for Gloucestershire Airport, its customers, tenants, employees and the wider local economy, ensuring the site continues to function as a viable airport into the future.