Millions of pounds could pour in to the Northamptonshire economy and thousands of jobs could be created following the approval of a mixed use development on the outskirts of Silverstone Circuit.
South Northamptonshire Council (SNC) approved plans by leaseholders MEPC for a new technology park, hotel, education facilities and a social hub on land around the world-famous circuit.
It is predicted that 1,822 jobs will be created during the 10 to 15-year construction period and it could contribute £78 million to the local economy.
Depending on the type of businesses that move to Silverstone Park, the site will generate up to 4,500 new jobs and contribute between £157 and £210 million to the local economy.
Councillor Roger Clarke, portfolio holder for planning and environment, said: “From a World War II bomber station, to amphitheatre of motorsport, Silverstone has a unique history.
“This planning permission is another milestone in that history, securing a vibrant future that continues to put South Northants on the world map.
“The proposal is geared to growing a campus-style business park.
“It has all the right ingredients to develop the high-Performance Technology and Motorsport Cluster with Silverstone firmly placed at its centre.”
The plans emerged after MEPC acquired a 999-year land around the edge of the circuit in 2013.
MEPC now has outline permission for: 157,000 sq metres of employment space ranging from office use to storage and distribution use, accommodation for around 200 students, 9,000 sq metres of education floor space, and 250 hotel beds spread over a maximum of two hotels.
A social hub for those employed on the site and visitors to circuit events will become the ‘heart’ of Silverstone Park and will include a gym, nursery, showers, changing facilities and a social area.
The plans also include an automotive display space for manufacturers and enthusiasts to show-off their most prestigious vehicles.
This planning permission replaces a consent issued in 2012 (which expires next year) and differs in some ways from the original application.
Elements of the proposals have been agreed in principle and their full detail will be decided before they are built.
The permission follows last week’s announcement that the circuit had secured funding for a heritage experience, supported by a £3 million council loan guarantee, which could attract up to 400,000 visitors a year.