Well, this is a bit of Big News: the Blaenau Gwent County Borough Council has just approved the plans for a brand new £280 million racing track in south wales.

It’s called the Circuit of Wales, and will be built by the Heads of the Valleys Development Company, with construction slated to kick off at the end of this year.

The development - co-funded by the Welsh government and private investment - will cover an 830-acre area, with the first step the construction of a 3.5-mile track that “takes advantage of the unique topography of Ebbw Vale”, a Motocross track, an international karting track, off-road driving facilities and of course, hotel and ‘commercial retail complexes’.

See more pics of the proposed circuit and layout

There’ll also be a race academy and training facility too. It’s all being lined up for completion between 2015 and 2016, and will create up to 6,000 new jobs once complete, and generate an estimated £50m per year for the UK economy.

Professor Garel Rhys from Cardiff Business School, said: “This development is a modern 21st century facility that is going to push the boundaries of sustainable automotive development in Wales and the UK. It is hugely important, not just for the regeneration of the Blaenau Gwent area but also to position South Wales as one of the leading automotive industry centres in the UK.”

Carmelo Ezpeleta, CEO of Dorna (the sports management company behind MotoGP), added: “It’s fantastic. I think this is a very important programme for MotoGP and for motor sport in general. It is good for the area and good for the community.”

Have a click through the photos for images of the projected circuit. Exciting news, no?

See more pics of the proposed circuit and layout