MINI says the 1499 GT "recalls the entertaining drive, distinctive styling and low running costs of the 1969 original, which was one of the most affordable performance cars of its day".
Anyone opting for the new model, which is priced at £16,990, should get in quick, as the 1499 GT will be built in a limited production run of just 1,499 cars between November and February 2018, and is sure to be in high demand.
Mini has also introduced a new finance package alongside the 1499 GT - offering a year's free insurance with a £299 customer deposit and £299 monthly payments over a 48-month period. Indeed it does, and according to reports the latter's 1.2-litre turbopetrol will soon be replaced by the detuned 1.5 that's being ushered in by the 1499 GT.
Under the bonnet, it's unchanged over the standard 1.5-litre three-cylinder turbocharged Minis, meaning 101bhp and 62mph in 10.1sec.
These include two paint options - pepper white or midnight black.
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It's available in black or white only and is marked out by exclusive decals with 1499 GT down the lower sides of the auto - a nod to the original 1275 GT - that are gold or black, depending on the body colour. Mechanically the only other change over the standard vehicle is the addition of sports suspension.
Also - as standard on the 1499 GT is the John Cooper Works Sport styling pack.
The new GT also gains some tasty kit in the form of 17-inch Track Spoke black alloys, JCW bumpers, side skirts, a split-level spoiler, JCW steering wheel and sports seats in Dinamica and leather, as well as Piano Black and Carbon Black interior trimmings.
Inside the vehicle are more John Cooper Works styling elements, such as the seats and leather steering wheel.