Silverstone Park within the Buckinghamshire Enterprise Zone is continuing to expand rapidly with high demand backed by ongoing finance and support channelled through the Local Enterprise Partnership.

Developer MEPC has completed Phase 3 of the site comprising 265,000 sq ft of industrial accommodation and has now turned its sights on planning Phases 4 and 5.

The new development is made up of four large properties – two of which have already been let prior to completion with high performance engineering firm KW Special Projects taking 28,700 sq ft of space while niche vehicle electrification business Lunaz has quadruped its presence at the Park by securing 140,000 sq ft.

Significantly, the Buckinghamshire Local Enterprise Partnership (Bucks LEP) supported Lunaz by arranging £614,470 of grant funding from the Government’s Getting Building Fund allowing it to carry out research and development into the remanufacture and electrification of commercial vehicles such as refuse lorries.

The spine road through Phase 3 has also been fully asphalted and is now open, linking businesses direct to the earlier development phases.

Meanwhile, MEPC has already been granted planning consent for Phase 4 – a 100,000 sq ft scheme to include hybrid industrial units with smart offices, a nursery, gym and café.

And an application for planning consent for Phase 5 – 201,300 sq ft of industrial premises on land opposite the main entrance to Silverstone Circuit – has also been submitted. In total, MEPC has planning consent for a further 1.6m sq ft of industrial development at Silverstone Park.

MEPC’s development director Chris Kimber-Nickelson said: “It’s great to have the spine road that originally started to be built during Phases 1 and 2 now completed as this crucially links up all the areas on the western side of Silverstone Park.

“Phase 3 has been a successful project. The units are strong on energy efficiency and look terrific for the businesses occupying them. The infrastructure we put in place prior to building works commencing means businesses really can ‘plug in and go.’

“What is also really exciting about the businesses being attracted to our new buildings is the activity behind their front doors.”

Since MEPC took over Silverstone Park in autumn 2013, the estate has grown from around 50 businesses to more than 90. The Park won the Motorsport Industry Association’s coveted Service to the Industry award for 2022.

Most of its occupiers operate in advanced engineering and manufacturing, electronics and software development in hi-tech sectors such as motorsport, aerospace, defence, energy, marine, sports performance and sustainability.

Companies within the Enterprise Zone area of the Park have received support such as funding and rates relief via Bucks LEP which has assisted their growth at the Park and contributed to its overall success.

The estate is also home to four world-class specialist engineering facilities: Hexagon (metrology); the Digital Manufacturing Centre; the Silverstone Sports Engineering Hub and the Applus+/3C Test for electromagnetics.

Richard Harrington, chief executive of the LEP, said: “It is fantastic to see so much investment going into new development at Silverstone Park.

“We work closely with businesses based within the Silverstone Park Enterprise Zone to provide a compelling combination of world class facilities along with business and financial support to attract flourishing, innovative companies which support our economy and create highly skilled jobs here in Buckinghamshire.”

ENDS