LONDON – Renowned Formula 1 brand Brabham, returning to manufacturing, unveils its new Brabham BT62.

While pitched as a track car, with a 5.4L V-8 engine producing 700 hp and 492 lb.-ft. (667 Nm) of torque, it will be road-legal and, at just 2,138 lbs. (972 kg), boasts one of the best power-to-weight ratios of any street car.

Building on a 70-year racing pedigree and celebrating the company’s Anglo-Australian roots, Brabham Managing Director David Brabham announces the brand’s return to car building at Australia House in London.

With a base price of £1 million ($1.36 million) plus local taxes and before options, production of the Brabham BT62 will be limited to just 70 cars in recognition of Brabham’s 70-year heritage. The first 35 will celebrate the 35 Grand Prix victories won by Brabham over its 30-year reign in F1.

First deliveries of the Brabham BT62 are expected later this year.

The Brabham BT62 unveiled in London was painted green and gold in celebration of Jack Brabham’s BT19 and his victory at the 1966 French Formula 1 Grand Prix at Reims, where he made history by becoming the first (and to date only) driver to win a World Championship in a car of his own construction.

The company’s ultimate goal is to see the Brabham name return once again to compete on the race track, with the 24 Hours of Le Mans in its sights.

The company will have its U.S., European and Middle Eastern sales office in the U.K. Its Australasian and Asian office will be based in Adelaide, South Australia, where the BT62 will be manufactured in a 161,460-sq.-ft. (15,000-sq.-m) facility.