Brooklands race track – widely recognised as the world’s first ever motor racing circuit – will be given a new lease of life as a heritage attraction following a £4.7m (€6.4m, US$7.3m) investment from the Heritage Lottery Fund (HLF).

The site in Surrey, UK, has a long and prestigious history. Home to the inaugural British Grand Prix in 1926, Brooklands also hosted the first motorcycle race, the first women’s motor race, the first mass start cycling race and was the site of several former world land speed records. During World War Two, the site was also used as a manufacturing centre for aircraft.

The investment from the HLF will see the Grade II listed Wellington Hangar dismantled, restored and re-erected as an “aircraft factory” for teaching visitors about engineering. The deconstruction will make more of the original home straight of the race track available, which will be restored and used for events and vintage car rides. The existing museum at Brooklands will get a new annexe for its collection aircraft and significant archives.

HLF called the development “the most ambitious project ever undertaken by the museum” and the new development is due open in Q3 2016.