The proposed six-runway airport, dubbed ‘Boris Island’ is expected to have a cost of £47.3bn and could be potentially built within the next seven years.
Testrad (Thames Estuary Research and Development) claims that the airport’s unique island-based design with terminals built on reclaimed land, would bypass issues connected to other land based developments such as demolition of houses and industrial infrastructure, abolition of green field sites, bird strikes and purchase of private land.
The spokeswoman representing the consortium said: "This £47bn investment will reverse the polarity of London and facilitate regeneration of the Thames Gateway National Priority Area.
"Employment opportunities in service, technology, engineering and myriad other industries will grow to serve existing historic Thames Estuary communities, and boost the regeneration of inner East London."
She also added that the design implies that all aircraft landing and departures would take place over the Thames estuary, and thus avoid flying over residential areas of London and the South East, "removing completely the noise contours and impact which have bedevilled millions of people throughout and around London over the past 40 years”.
The consortium said that although Heathrow would probably have to close, the opportunities for employment, new housing and economic revival are vast, and £47bn required to fund the project would be generated from the sale of land and Heathrow closure.
Along with the construction of the new airport, Testrad disclosed its plans for a new London borough in the Heathrow area with 300,000 new residential buildings and around 200,000 new job opportunities as well as economic boost in the regions of east London, Kent and Essex.
According to the current design, the runway configuration has enough capacity for the simultaneous operation of three or four aircraft, 24-hours-a-day in all weather conditions.
Passenger check-ins and arrival terminals for the Thames Estuary airport will be at key transport hubs such as Ebbsfleet, St Pancras International in central London and even at the Royal Docks in the east. Testrad plans to link the terminals to the airport via high-speed rail tunnels and make the airport “ car free with no private car access”.
The announced plans for the estuary airport coincide with the Davies airport commission that is currently considering other potential sites for more airport capacity in the South East such as new runways at Gatwick and Heathrow.