Fareham Borough Council is now earning £1 million after buying an airfield for £1 – and is pledging to reinvest that money and create jobs.

The Daedalus site that was bought by the council for £1 in 2015 is now contributing £1.4million in revenue for Fareham Borough Council, council officers said.

Fareham borough councillors sitting on the Daedalus scrutiny panel were updated on the progress of the Faraday and Swordfish developments at Daedalus at a meeting on March 24.

They also heard a financial appraisal of how it has been developed over the last 10 years.

Councillor Jackie Needham said that while the presentation was great news, the financial table was disappointing as it was hard to understand. 

The council officers agreed to work on a presentation that would be easier to understand by the public and residents of Fareham which will be ready for Daedalus’ official 10-year anniversary celebrations later this year. 

Councillor Kay Mandry said the council has been praised by councillors from other councils for undertaking such a task. They had said the Daedalus site is a precious jewel and they may not have been able to make it a success like Fareham has – even for £1.

Councillor Susan Bayford said: “Since Fareham Borough Council bought this site it has exceeded everyone’s expectations – I’m full of congratulations.”

The site is divided into five areas: Faraday Business Park, Fareham Innovation Centre, Solent Airport, Queen Elizabeth II Platinum Jubilee Park and The Swordfish Business Park (map attached).  

The site has been successful in generating business rates for the council coffers that can be reinvested into the site to create more jobs, estimated to be up to 920, said the council officer.

The council officers will now start on creating a masterplan to assess the development potential and layout for the Swordfish Business Park, which could take up to seven months.

Then the planning permission process with public consultation will take another seven months depending on the complexities that arise, they added. 

The airport has over 80 businesses and currently employs 500 staff. The Innovation Centre was responsible for employing 1,300 people over the last 10 years. 

Daedalus aims to be a premier site to support aviation, aerospace engineering, manufacturing businesses, creating skilled jobs for local people, underpinned by a vibrant and sustainable airfield with the social value of the park for residents.