Silverstone motor racing circuit is to receive an estimated £600m as part of four-year plans to redevelop the 800-acre Northamptonshire property and secure its long-term future.

Silverstone’s owner, the British Racing Drivers’ Club (BRDC) and its advisor – KPMG Corporate Finance – have received expressions of interest to redevelop and operate the circuit from a number of consortiums.

Bids can be submitted until mid-October, when shortlisting for a preferred partner will begin.

A BRDC board EGM will then be convened in December, where the preferred partner will be presented for consideration.

It is understood that part of the estate could be converted into residential and leisure use. Alex Hooton, BRDC chief executive, has been appointed chair and chief executive of Silverstone Estates, which will be responsible for managing the site.

Commenting on the redevelopment in a letter to BRDC members, chair Stuart Rolt said: “I fully understand the emotional attachment that so many members feel to Silverstone. The existing business model will not support the club’s objectives of keeping the British Grand Prix and optimising members’ facilities.

“We are at a crucial moment and have the opportunity to make a move as significant as when our predecessors decided to buy the freehold of the circuit.” Details: www.brdc.co.uk