South Northamptonshire Council has approved plans submitted by leaseholders MEPC for a new technology park, hotel, education facilities and a social hub on land around the world famous circuit.
The scheme is forecast to create more than 1,800 jobs will be created during the 10-15 year construction period and will contribute £78 million to the local economy.
Depending on the type of businesses that move to Silverstone Park, post construction it is thought the site will generate up to 4,500 new jobs and contribute between £157 million and £210 million to the South Northants economy.
Cllr 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 which has to date, proved a successful formula and provides a high-quality environment in which businesses can operate and make use of the onsite amenities as well as the globally recognised location.
"The proposed development 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 lease for the areas of 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 up to 250 hotel beds in 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 in 2017, and differs in that it proposes a market led strategy of modern purpose-built accommodation to suit the specific needs of individual occupiers, but does not include land within the circuit.
Elements of the proposals have been agreed in principle and their full detail will be decided before they are built.
The permission follows the announcement that the circuit had secured funding for a heritage experience, supported by a £3 million SNC loan guarantee, which could attract up to 400,000 visitors a year.
