Decision details

The purpose of this report is to update Members on progress with the Daedalus Investment Project.

In July 2013, the Executive supported a proposal to develop an Innovation Centre for new start-up businesses at the Solent Enterprise Zone, to undertake improvements to the airfield and to develop new hangar space. In October 2013, the Executive agreed revised funding arrangements for the project and in November 2013 agreed a governance and decision-making structure and the establishment of a Member Working Group to oversee the project.

The project contained some very challenging timescales, principally the requirement to complete the Innovation Centre by the end of March 2015. This aspect of the project is progressing extremely well.  Construction work on the site commenced on 2 June and the project remains on target for completion in early March 2015. The structure is now weather-tight and the internal fitting out of the building is underway.

Following a competitive procurement process, Oxford Innovation Ltd was appointed to operate the Centre in August 2014.  Oxford Innovation is highly experienced in the operation of Innovation Centres and is currently undertaking a comprehensive mobilisation and marketing plan to enable the Centre to open its doors immediately following completion of the construction work.

The work to improve the runway commenced on 20 October 2014 and is scheduled for completion on 2 December 2014. The improvements will enable the airfield operator to obtain a CAA licence which will enhance its commercial potential.

Discussions with the Homes and Communities Agency (HCA) to identify a suitable location on the airfield for the development of new hangar space have been subsumed within wider discussions concerning the proposal to transfer the airfield to the Borough Council. This was agreed in principle by the Executive on 6 October 2014.   As a result it is now likely that new hangar space will be located within the Hangars West part of the airfield and will be delivered during the latter half of 2015/16.

Due diligence work on the proposal to transfer the airfield to the Borough Council is proceeding apace.  The HCA, as land owner, and the Solent LEP are in the process of obtaining approvals to support the proposal, and these should be in place by early December. 

RESOLVED that the Executive notes the progress made to date on the Daedalus Investment Project.