Aylesbury Vale district council and South Northamptonshire council have approved a 20-year masterplan for motor racing venue Silverstone.
Silverstone Holdings intends to develop a 1.3m sq ft business park, a 674,488 sq ft technology park, a 373,055 sq ft education campus, three hotels and retail, spectator and leisure facilities within the Northamptonshire racing circuit.
The buildings would total more than 3m sq ft across Silverstone’s 760-acre estate.
Silverstone Holdings managing director Richard Phillips said: “We are delighted with the outcome and approval of this planning application – this is the most important initiative that Silverstone has taken in its 60-year history as the home of British motor racing.
“This planning will help maintain Silverstone’s position as a leading global centre for sport, leisure, education and technology, and retain its position as a world-leading motor sport destination.”
Andrea Leadsom, MP for south Northamptonshire, said: “This development will be good news both for Northamptonshire and for Britain.
“The fulfilment of the masterplan will promote Silverstone as a world-leader in the motor sport industry, and will also deliver economic growth and jobs to the local area in the high-performance engineering sector, for which we have an international reputation.”
Nick.whitten@estatesgazette.com
