Silverstone has pledged to do ‘everything in its power’ to retain Formula One racing despite recently announced plans to give up the British Grand Prix, our Northampton Development Plans Conference has heard. Lord Garvagh, Property Advisor of Silverstone told delegates that ‘the fee was too high and the economic model is broken’ which has led them to serving notice to break its contract to host the race. However, Lord Garvagh said Silverstone ‘really’ wanted to retain the event – which has hosted the bulk of UK Grand Prix races since the Second World War.

He said: “We love the Grand Prix and think it’s terribly important. We will do everything in our power to retain it’’ adding that Silverstone was carrying on discussions with F1’s owners Liberty, which he predicted will ‘probably go down the wire’ in November. However, he said Silverstone had to diversify its income streams away from reliance on F1: “The model is bust because we are too reliant on motor sports so we are taking steps to broaden our income stream so it’s not just old blokes but families and younger people.”

Lord Garvagh said the masterplan for the race circuit’s redevelopment, which provides for 1.5m sq ft of floorspace, is close to being ratified once section 106 agreement negotiations are concluded. The masterplan is aimed at doubling the number of visitors to the race course within the next six years from its current level of 1m per annum. The peer said that the Silverstone Experience, a 60,000 sq ft exhibition that aims to attract 450,000 visitors a year, will be complete by September and is due to open in 2019.

In addition, Lord Garvagh said that terms have been agreed for a 200-bed hotel, which is designed to boost Silverstone’s conference and exhibition centre, The Wing, which he said was ‘trading poorly’ due to the lack of accommodation on site. The hotel will be connected via a footbridge to the circuit’s starting line. He said the masterplan also included the construction of 60 Philippe Stark-designed rented lodges, which will incorporate glass garages with uplighters so that tenants can show off their vehicles.

James Digby, director of Ashfield Land, said that the company was due submit plans for the Rail Central strategic rail freight interchange (SRFI) to the government this summer. The new facility, which is planned for a site located in the heart of the UK where the West Coast Main Line meets the Northampton Loop Line to the south west of Northampton and between the villages of Blisworth and Milton Malsor, is required because existing SRFIs have limited capacity. In addition, he said, there are not enough to create the national network of interconnected sites that could support the large volumes of traffic required for rail to become more a more viable freight option, saying: “There is a need for more so we can have proper network of rail led schemes round the country.”

Digby said Northampton Rail Central’s location, which is near where the west coast line forks, means it would be the only rail freight interchange to have access to two separate main line electrified main railway routes with enough headroom to accommodate tall containers.He said that the SRFI would also be the UK’s only rail freight interchange able to handle and maintain freight trains, thus reducing the need for empty train journeys on the main line. “We have the right place, we have the road network and most important we have the West Coast Main Line where it splits.”

He said that the 688-acre site had the potential to accommodate up to 8m sq ft of space.

Digby said Ashfield is working towards submission of the Development Control Order for Rail Central this summer following a second phase of consultation this spring. Subject to receiving consent, he said the scheme could start on site next year with the first occupiers taking space in 2021.

Cllr Jonathan Nunn, leader of Northampton borough council, told the event that the authority was holding ‘positive discussions’ with Homes England about plans for a ‘comprehensive regeneration’ of the area surrounding the town’s railway station. When complete, the area could deliver 15,000 sq m mixed use development generating 2,000 new jobs, he said. “It wasn’t best greeting for travellers getting off the train. Increasingly it’s becoming a more attractive place for businesses to come into the town.”

Roz Bird, commercial director of MEPC said that the pension fund-owned developer had secured planning consent at its Silverstone Park development for 2.1m sq ft last April, which will be delivered over a 15 year period.  She said that a bungalow at the entrance of the business park had been cleared to create a prime development site.