Longbridge owners appointed to develop Silverstone

The British Racing Drivers’ Club have appointed St. Modwen Properties PLC to develop and operate the Silverstone circuit, site of the British Grand Prix. St Modwen’s own a substantial sherholding in Northern Racing PLC, who have been co-appointed to the task.

St Modwen’s other investments include the site of the Longbridge car manufacturing plant which they bought from MG Rover in 2003. MG Rover continued to occupy the site until their dissolution in 2005, but paid their rent in full to St. Modwen’s who made an 8.6% yield on the investment.

The majority of St Modwen’s property portfolio comprises industrial, office and retail properties, so Northern Racing, who run nine horse racing circuits, have been brought in to provide the necessary expertise in running sporting venues. they will promote the Grand Prix up until 2009.

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