What if Britain retook Heligoland under the Treaty of Versailles?
Short answerBritain would probably establish an air base there, creating a forward threat that could influence German plans toward the Low Countries.
NotesBritish control of Heligoland would matter most as a forward operating base. Supplying and defending the island would be demanding, but modern fighters stationed there could threaten German freedom of action in the North Sea. That pressure would strengthen German incentives to control nearby continental territory and airspace.