The British Racing Drivers' Club has confirmed that an agreement has been reached that will see commercial property company MEPC take out a long-term lease on the Silverstone Industrial Estate.

The lease, which runs for 999 years, also includes the development land around the outside of the Silverstone Circuit but doesn't include the management or development of the circuit itself.

However, the BRDC has revealed that terms have been agreed with a 'suitable partner' to develop and invest in both the circuit and circuit related facilities, although a non-disclosure agreement in place currently prevents any further details from being released.

The aim is to bring those negotiations to an end before the Club's AGM next month.

The development deal with MEPC, owned by the BT Pension Scheme, is worth ?32 million, which has allowed the BRDC to pay off loans in place with Lloyds Banking Group and Northamptonshire County Council.

MEPC will now work to move forwards with a number of projects to continue with the redevelopment of Silverstone, with CEO Rick de Blaby confident in what can be achieved at the circuit.

"When we were approached with the BRDC's vision of what Silverstone might become in its next iteration, it was easy for my colleagues and I at MEPC to relate to such ambition," he said. "The creation of great business estates, with clusters of particular commercial activity that have a sense of place and community, is what we do.

"That the BRDC had secured planning consent for its Masterplan is to its great credit and we are, of course, hugely cognisant of the immense history of Silverstone and its current standing today, not just as a venue for world-class motor sport, but as a centre for high-end precision engineering.

"It is now MEPC's wish to see that vision materialise in all its forms and we are incredibly excited about investing in a number of the specific projects we have already identified for the next 24 months, albeit the on-going development of Silverstone could be a 10 year project. It is a significant responsibility to fulfil the entirety of our now shared vision, but one I am confident will be achieved."

BRDC chairman Stuart Rolt said the Club was delighted to have been able to conclude a deal.

"Following major improvements to Silverstone, including significant investment in the Grand Prix Circuit and building of The Wing, the BRDC Board was given a mandate three years ago to attract suitable partners to invest in Silverstone and help realise the full potential of its 760-acre Estate," he said. "Over three years the Board has given consideration to a number of offers from credible parties and we are delighted to have reached an agreement with MEPC, which was selected on the grounds of its financial standing, reputation, the quality of the developments it has undertaken - and continues to own - and the price it was prepared to pay.

"We have every confidence that their vision for our land will see the realisation of a high-quality development, which will add to the ever growing status of Silverstone as a world-class centre for motor sport and vehicle engineering. We are also confident that in MEPC we have a partner which fully appreciates the status of Silverstone as a race circuit, its history, the ethos of the BRDC and the importance of doing everything to ensure that reputation is enhanced in the future."

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