Britain's Silverstone circuit has submitted its outline planning application for the ambitious development scheme to continue to safeguard the future of the British Grand Prix venue.
The application, submitted to the local planning authorities – the Aylesbury Vale District Council and South Northants District Council – includes business and technology parks, three hotels, an education campus, and ancillary retail and spectator facilities including a museum of motorsport.
According to the track owners, the development plan will create around 8,400 permanent jobs in the firms and activities attracted to the site, plus an average of around 550 construction jobs per year throughout the development phase.
"This is the most important initiative that Silverstone has taken in its 60-year history," said Silverstone's managing director Richard Phillips. "Things have changed dramatically since the early days. Approval of this planning application will help maintain Silverstone's position as a leading global center for sport, leisure, education and technology, and support its vision of becoming a world-leading motorsport destination."
Stuart Rolt, Chairman of the British Racing Drivers' Club, added: "The submission of this planning application is a big step forward in releasing the commercial potential of Silverstone and its 760-acre estate. The timing of this planning application is closely linked with the process we are currently undergoing to seek potential investment from third parties that will enable us to move forward with our plans more rapidly."