The American team has applied for planning permission, with hopes of commencing construction later this year. The intention is to have the facility ready for the 2021 F1 season.
Team principal, Otmar Szafnauer, said: “This is a new chapter, the dawn of a new era and there is huge energy from the shareholders to invest and help the team become a regular podium contender in the future,”
“The team has never been more stable or in better hands and this project aims to attract and retain the best staff in Formula 1.”
The current factory was originally built for the Jordan F1 team back in 1991. It has housed a number of tenants since then, including Force India, Spyker and Midland.
The current Racing Point operation has outgrown the current facility with staffing levels rising from 280 to 405 since 2009.
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