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Outline planning permission for Silverstone Circuit's 20-year masterplan has been given the green light by two local councils. The development, which will bring in an estimated 8,400 jobs, includes the creation of three hotels and a business park to the Formula 1 British Grand Prix site.

Both Aylesbury Vale District Council and South Northamptonshire Council have approved Silverstone Circuit’s outline planning application, which supports the venue’s 20-year masterplan.

Owner of the venue, the British Racing Drivers’ Club (BRDC), said the success of the application would "strengthen its position as not only the home of the Formula 1 British Grand Prix, but also one of Britain’s most important assets in the high performance engineering sector".

Plans for the site include a 1.3 million sq ft business park; 674,488 ft technology park; retail facilities; three hotels and a museum of motor sport.

An education campus spanning 373,055 sq ft is also planned alongside an outdoor stage, kart track, bridge and tunnel to improve pedestrian traffic.

Ancillary development comprising landscape works, grandstands, hardstanding and support paddock, bridge and tunnel to improve pedestrian flows have also been approved.

The development of Silverstone is set to create about 8,400 permanent jobs with the new companies and activities which will boost the site, plus an average of 550 construction jobs per year throughout the development phase.

At least 4,800 of these jobs are likely to be entirely new to the area, said BRDC.

Richard Phillips, managing director of Silverstone Holdings, said: “We are delighted with the outcome and approval of this planning application – this is the most important initiative that Silverstone has taken in its 60 year history as the Home of British Motor Racing.

"This planning will help maintain Silverstone’s position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motor sport destination. I would also like to take this opportunity to thank both Aylesbury Vale and South Northamptonshire Councils, for the way in which the two planning authorities have worked together on this application.”

Councillor Michael Edmonds, deputy leader of Aylesbury Vale District Council and cabinet member for economic development, added: "The council’s strategic development control committee carefully balanced the economic benefits, including the likelihood of 4,800 jobs, with the transport and environmental impacts and reached a unanimous conclusion that they should support the scheme.

"We fully recognise the importance of Silverstone to the local, regional and national economy and are proud to have the circuit within Aylesbury Vale.”