Stone Hill Park has sold its interests in the defunct Manston Airport site to RiverOak Strategic Partners.
Contracts for the former airport, which closed in May 2014 were exchanged on 2 July and completion of the purchase is expected to take place early next week.
The site is subject to a Development Consent Order, examining RiverOak’s proposals to reopen Manston as a freight hub.
As the new owners, RiverOak will be able to carry out survey work vital to the conclusion of the DCO process.
Stone Hill has agreed to withdraw its objection to the DCO as well as two outstanding planning applications for housing and mixed use on Manston, and no longer participate in the Local Plan Enquiry.
George Yerrall, a director of RiverOak Strategic Partners says: “It has been a long process with SHP and we felt the time had come for the parties to come together to negotiate a settlement of the ownership issues. We now look forward to focusing on securing development consent and making rapid progress towards the re-opening of Manston with all the economic and other benefits we believe it will bring to Thanet and East Kent.”
Since Manston closed in May 2014, there has been a strong local campaign to reopen the airport, with RiverOak Investment Corp offering to act as an indemnity partner to fund a compulsory purchase order by Thanet District Council.
The compulsory purchase order was rejected due to the US investment firm not providing the required information.
In December 2015, RiverOak announced it would launch a development consent order to reopen the airport.
In March 2017, RiverOak Strategic Partners was established to manage the DCO of Manston, with the intention of making the Kent airport an international freight hub.