Talks between the owners of the iconic Silverstone race track and the Qatari Investment Authority to transform 4m sq ft in Northamptonshire are running out of time, prompting the track’s owners to relaunch the hunt for a development partner.
Silverstone Holdings’ owner, the British Racing Drivers’ Club, said it wanted to speak to other interested parties to develop more than 4m sq ft of properties across its 760-acre estate.
The hunt comes despite the BRDC signing an exclusivity agreement with a partner, believed to be Harrods owner QIA, at the end of 2011.
BRDC said: “Negotiations with the potential investor remain positive, but with the period of exclusivity coming to a close, the BRDC plans to broaden its search and engage with other interested parties.”
The club submitted plans in August 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 shops, as well as spectator and leisure facilities within the racing circuit site.
The successful partner’s bid is expected to range from £30m to £100m; however, the selection bid has been complex, with some members being reluctant to hand over control to an investor, and conflicts over pricing, EGi understands.
Stuart Rolt, chairman of the BRDC, said: “The commercial potential of Silverstone and the estate is significant and we are seeking external investment from third parties who share our vision, to help us realise that potential more quickly. While progress has, and is, being made with our original preferred partner, negotiations have not yet developed into an agreement.”
joanna.bourke@estatesgazette.com
