London City Airport is the newest of the four major airports in the capital and is also the closest to the heart of the city. It is an interesting development, particularly in an era where more of the transport links were being located outside of busy city centres. What is even more surprising is the challenging setting for the airport, surrounded by water and docklands.
Last year it was announced that plans were in place to develop LCY. These took a big step forward recently when Bechtel was confirmed as the delivery partner for the project. They will oversee the £370 million investment in the transport hub.
As part of the development the existing terminal facilities will be expanded and modernised. Space will be created for seven new aircraft stands, increasing the capacity and room for larger, modern aircraft. A full length parallel taxi way will also be created.
The development of LCY will help to expand passenger numbers at the airport. In 2015 4.3 million passengers used the site, arriving in London or jetting off. The development is designed to help facilitate the passage of up to 6.5 million people by 2025, expanding the number of flights to 111,000 per year.
The project is great for London, particularly for people who work and live in the City itself. It will improve the facilities they have at their fingertips and give them more travel options.
At Finefair, a highly rated lettings agent City of London clients love working with, we are looking forward to the positive impact from the development of the local airport. We will be on hand to assist investors and existing landlords, helping them to get the very best returns for their property.
It is believed that the expansion of London City Airport will create as many as 2,000 new jobs. On top of this it could provide an additional £750 million of economic benefit per year. This could stimulate the property market and the project itself shows that London is still attractive for investments.