London Biggin Hill Airport expansion has got the green light after it agreed a £15m finance package with HSBC.
The funding is going towards the construction of an additional 140,000 sq ft office, hangar and business parking facility, and the development of a 50-bed four star hotel at the only dedicated business airport in the capital.
London Biggin Hill said it will use local companies for the project, including Civils Ltd, which has been appointed principle contractor for the hangar.
The historic airport, opened and used by the Royal Flying Corps during the First World War, aims to create 2,300 new jobs with the London borough of Bromley by 2030.
Will Curtis, managing director at London Biggin Hill Airport said:
"With the support of our corporate finance advisers at Smith & Williamson we went through a rigorous selection process to make sure we had the right partner in place to help fund the next stage in our development."
Completing the deal with HSBC enables us to fulfil the next stage of our development strategy for further enhancing Biggin Hill’s reputation as the gateway to London and the City for business aviation.
Building on the success of the HSBC deal, Biggin Hill is introducing extended operating hours in the coming weeks which will provide our customers with unrivalled flexibility and capacity.
The airport is currently home to 65 commercial and aviation activities, 55 business jets and more than 150 other private aircraft and helicopters.
It recently announced the arrival of Bombardier Business Aircraft which has established a new heavy maintenance facility.