The 250-acre Rockingham motorsport and speedway track, which brands itself as Europe's speediest circuit, is to transform itself from a place where cars move very fast, to a place that moves parts of cars very fast.

The owners, Rockingham Automotive LLP, say the site will become an automotive parts hub, Midlands Business Insider reports.

The decision to turn over the site to logistics has been prompted by today's super-hot Midlands industrial market. The land is worth more for stocking auto parts than racing the autos themselves. Industrial take-up in the East Midlands reached 4M SF in the first half of 2018, very nearly equal to the region's entire take-up in 2017.

Rockingham is already home to a number of automotive logistics companies and to car auctions, which will have a role in fleet management and remarketing on the site.

The logistics hub will also include zones for refurbishment and storage.

The move comes as the overseas-backed owners conclude that motorsport on the site, which hosts the British Touring Car Championship, will not make an adequate economic return.

Events at Rockingham, which is near Corby, will run until the end of this year.