The world-famous Silverstone Circuit in the East Midlands has gained planning approval for an outline application supporting a 20-year masterplan to expand its world-famous Formula 1 circuit site into an international events, leisure and business destination.
The news comes as the owners put the final touches to their new events space and hospitality complex, The Silverstone Wing, which opened for business in 2011 and is due to be fully completed in May 2012.
The new facility is part of a £27m redevelopment at the site, which included fresh pit and paddock facilities, smaller conference and meeting rooms, VIP hospitality areas and a view across the start and finish line of the Formula 1 circuit.
The latest outline planning application approved in December will see three hotels built onsite, along with business and technology parks, an education campus, ancillary retail and spectator facilities including a museum of motor sport, an outdoor stage and an experiential automotive display. The plans had to be approved by both Aylesbury Vale District Council and South Northamptonshire Council.
According to site owners the British Racing Drivers’ Club (BRDC), development of the masterplan will realise the broader potential of the Silverstone site and further strengthen its position as an events destination 365 days a year. The development is expected to create 8,400 permanent jobs with firms and activities attracted to the site, plus an average of 550 construction jobs per year throughout the development phase.
Silverstone Holdings MD Richard Phillips said the masterplan is the most important initiative in its 60-year history.
“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,” he said.
The development of hotels onsite is expected to be a major plus for attracting event organisers to the new Silverstone Wing. The complex offers 3,700sqm of exhibition space across three connected halls and has already secured several significant exhibitions this year including Fleetworld and the Helicopter Show.
Event security and safety company G4S Events is currently on a two-year contract at Silverstone Circuits to offer a broad range of services for events at the venue.
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