Formula One racing star Jonathan Palmer has paid around £30m for a portfolio of the UK’s most well-known racing tracks, including Brands Hatch in Kent.
Palmer bought the tracks from troubled US media group Interpublic via his company MotorSport Vision.
The 1,000-acre (404ha) portfolio was brought to the market by Jones Lang LaSalle Corporate Finance last June.
JLL European director Julie Green said MotorSport Vision had seen off a string of bidders from the motor sport industry after early interest from property companies dried up because of limited development opportunities on the sites.
As well as Brands Hatch, Palmer has bought Oulton Park near Chester, Lincolnshire’s Cadwell Park and Snetterton near Norwich.
The high-profile acquisition follows Palmer’s development of a corporate race venue on a 385-acre (156ha) site at Thurleigh Airfield.
Palmer PromoSport signed a 50-year lease at the site from St Modwen five years ago.
Palmer, who is committed to developing motor racing at the newly acquired circuits, said his first priority is to stop losses and improve presentation.
“We are not about to throw millions at new construction on the sites.”
John Britten and Peter Ogden are his partners in MotorSport Vision.
However, Palmer said he is considering around 20 acres of industrial development at Snetterton.
CB Richard Ellis valued the portfolio for Palmer.
References: EGi News 07/01/04
