The record-breaking cyclist was welcomed to the raceway with a guard of honour by members of his childhood racing club before he completed a timed “hot lap” of the 0.6-mile (1km) circuit.
Following a ceremony to officially open the newly-renamed raceway, school children from across the island were invited to join him on two laps of the circuit.
Reflecting on the celebrations, Sir Mark said: “I know there’s so many riders who start here and dream of being professional, and if they can take a small bit of inspiration from that that’s important to me.
“If it can help people even start ride a bike, let alone start to pursue their dreams,. then I’m going to be happy.”