The college will open its doors in September 2013 and be situated at the northern edge of the famous track.
It will offer students aged 14 to19 the opportunity to gain the relevant skills and work experience for careers in high performance engineering and technical events management.
Councillor Rupert Fordham, portfolio holder for economic development and regeneration, said: “This is a once in a lifetime opportunity for our district and confirms South Northamptonshire’s place at the heart of high performance engineering.
“This will go a long way to not only ensure that the future of UK motorsport is centred on Silverstone but that these fantastic facilities will benefit our young people and improve employability within our district as it is set to grow in the years to come.”
The building will cater for 576 students and approximately 55 staff and will house workshops, laboratories, Computer Aided Design (CAD) studios, learning spaces, an exhibition hall, lecture theatre, café and atrium dining area.
