Terms have been agreed for the sale of the former Manston Airport site in Kent to RiverOak Strategic Partners (RSP).

A statement on behalf of Stone Hill Park co-owners Chris Musgrave and Trevor Cartner, said: “I can confirm that Stone Hill Park and RiverOak Strategic Partners (RSP) have agreed terms for the sale of the former Manston Airport site. Final negotiations were swift and handled professionally. Contracts have now been exchanged with completion to follow shortly.

“The site has been the subject of considerable debate over the past five years of our ownership and we have invested a substantial seven figure sum in pursuing a planning application for our vision for the site but that has been met with little support from Thanet District Council.

“Having now been made what we consider to be a very good offer for the site we have decided to sell. We wish RSP good luck in their own aspirations for the future of the airport. At some point in the near future we will restructure our company and invest the capital released into other major regeneration projects throughout the U.K.”