Silverstone — better known as the home of the British Grand Prix — is proving a different sort winner for dozens of cutting edge engineering and technology firms.
The area’s high-energy economy is also benefiting residents, with a recent Halifax Building Society survey claiming South Northamptonshire was the best place in the East Midland’s to work and live — and the third across the entire United Kingdom.
“The concentration of employment in professional, scientific and technical industries reflects the area’s advanced manufacturing and high performance engineering strengths,” explained Richard Baker (pictured), a director with commercial property agents Prop-Search. “Silverstone is fast becoming an important cluster for motor sports and high performance engineering, as well as attracting tourism to the district.”
Late last year the British Racing Drivers’ Club granted a 999-year lease to MEPC, the British-based property investment and development company, on the 760-acre Silverstone Industrial Estate surrounding the motor sport circuit. The deal, which also included adjoining parcels of development land, was reportedly worth £32m.
Part of the site already has planning permission for a 200-acre mixed-use scheme and would feature a new 1.3m sq ft business park, a technology hub of around 675,000 sq ft, an education campus and hotels.
More recently, MEPC added an 82,500 sq ft industrial and high-tech development to its Silverstone holding with the acquisition, from BBC presenter and one time Formula One team boss Eddie Jordan, of the Jordan Technology Park. All 15 units on the park — which range in size from 4,900 to almost 12,000 sq ft — were designed to house high performance engineering, manufacturing and technology companies.
And during the next decade MEPC plans to develop the 26m sq ft Silverstone Park into one of the world’s leading clusters for cutting edge and precision engineering companies. By 2014 it intends to double the mix of small start-ups and brand leaders on the site to more than 100 and create around 4,000 jobs.
Baker predicts that much of the growth linked to high performance motor sport will be focussed within Silverstone Park. “However, this will draw on existing supply chain businesses within the wider area and attract new firms that will not necessarily require, or be able to afford, space within the park itself,” he added. “It’s more likely, therefore, that these occupiers will still seek to be close to Silverstone and therefore are likely to demand space within South Northamptonshire.”
There are two existing sites ideal for second tier businesses. The first is north-west of nearby Towcester and within the confines of the Tove Valley Business Park. “Employment development on this land could include new research and technology facilities, car showrooms and general business uses,” says the Prop-Search executive.
The second is the proposed Brackley East Sustainable Urban Extension, between Towcester and the A43. Divided by Turweston Road, the north half of the site is currently in agricultural use and has the potential to be a key gateway site into the town. South Northamptonshire Council has already indicated, however, that subject to legal agreements it would grant permission for a business park on the site.
