Consent was granted by South Northamptonshire District Council and Aylesbury Vale District Council.
The new consent follows the speculative development of over 125,000 sq ft by MEPC and prior to that a programme of presentation/upgrade work and the purchase of 85,000 sq ft of existing stock.
This has resulted in the number of companies on the park increasing from 50 to over 70 since taking over management of the site in late 2013.
New companies operate in advanced engineering, software development and electronics, and these capabilities are applied to many different sectors including aerospace, automotive, defence, marine, medical and motorsport.
Included in the new planning permission is development of a wide range of premises including offices, industrial and distribution facilities, education, student accommodation and two hotels.
MEPC’s Roz Bird, Commercial Director for Silverstone Park, commented: “We are delighted to have agreed a new outline consent for over 2m sq ft of commercial accommodation at Silverstone Park and would welcome the opportunity to talk with companies interested in joining our business community.
“Like the achievement of 21 MVA of power just before Christmas and the development of new speculative workshop units; achieving a new, up-to-date planning consent is another key piece of the jigsaw in managing and developing a successful technology park – delivering on our promise to create a global business destination.”
Tim Hancock, Managing Director of London-based Terence O’Rourke, who were the planning consultants on the project, said: “It has been incredibly exciting to be part of this project, working with MEPC to achieve planning consent on a high profile site of national significance.
“The land around the circuit will be transformed for the better with much needed commercial developments that will create thousands of high-quality jobs and bring in millions of pounds to the economy.
“The decision of the planners to grant permission supports our belief in the massive economic benefits the area stands to gain from the proposal.”
For more details on the new commercial development, please visit www.silverstone-park.com.