The Manston Site is situated at the north west end of Kent International Airport. It comprises open space and agricultural land and consists of two areas within a partly developed business park amounting to approximately 105.79 acres.
The Company is in negotiations with a large Chinese company with a view to forming a joint venture to develop the Manston Site as a major distribution centre for both the UK and Europe for Chinese manufacturing companies taking advantage of the proximity to Dover Harbour.
The Directors believe that such a project could give significant added value to the Manston Site and are discussing with local politicians ways to progress this project.
The Directors believe that the prospects of employment in the area arising from such a venture would facilitate the grant of consent for change of user and, in the process, deliver the possibility of adding value for Shareholders.
Click here to view Manston Indicative Plan
Update 26th May 2011
As previously reported the agreement to lease between 900,000 and 1,100,000 square foot of business accommodation on approximately 50 acres of the Company's Manston Site which was entered into on 22 June 2007 expired in May 2010. The continued global financial downturn and the lack of available development funding resulted in the Company being unable to commence construction of the business accommodation before the pre lease agreement expired.
As a result, the strategy for the development of Manston was revised to develop the Euro-China Cultural Technology Industry Hub (E-CC & TIH) Project. Progress was hampered by the delay in concluding the Section 106 Agreement for the development of the Manston site and the consequent delay in the granting of final planning permission in line with the earlier Resolution to Grant issued by Thanet District Council. The delay was due primarily to the unavailability of funds that the Company had expected to be available from the sale of the Dover properties as detailed above and in the section on Funding below.