Millions of pounds could be pumped into Norwich Airport Industrial Estate as council bosses look to help it reach its full potential - and provide much needed money for cash-strapped authorities.
The site, jointly owned by Norwich City Council and Norfolk County Council, and home to offices and warehouses currently generates £1.05m per year in rent, with 60pc going to the county council and 40pc to the city council.
But consultants brought in by the councils have said, with regeneration and investment, there is the potential for the estate to raise £4.1m in rent each year.
Plans being considered include:
• Building homes on part of the site
• The creation of a Southern Development Zone with 20,000m² of light industrial units
• The creation of Western Development Zone which includes an International Aviation Academy and an Advanced Manufacturing Innovation Centre.
• Regeneration work to some existing buildings and demolition of vacant buildings
Over the next month, both councils will consider a report into the future of the estate, and will be asked to agreed to commission experts Carter Jonas to find a joint venture partner to regenerate and manage the estate and to use a council-owned company to develop the homes.
Paul Kendrick, Norwich City Council's cabinet member for resources, said: 'The airport industrial estate is a significant asset for both councils.
'While we're very mindful that there are many successful businesses operating out of the site, we need to explore new forms of investment so we can redefine it and tap into its full potential.'
Keith Kiddie, chairman of Norfolk County Council's business and property committee, said the estate stood to benefit from the Norwich Northern Distributor Road, which will pass close by.
He said: 'The Airport Industrial Estate is a significant asset that could generate four times more income than it does currently. It's in a prime location and will benefit massively from the NDR when it opens early next year.'
Norwich City Council's cabinet will discuss the report next Wednesday , while Norfolk County Council's business and property committee will consider it the following Wednesday.
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