The Mini is one of a few cars that genuinely deserves the tag “iconic”, with its ground-breaking front wheel drive technology back in 1959, changing the face of small car design forever.

The Mini has come a long way in those 55 years, travelling a road punctuated with lots of fascinating twists and turns. Among them, a triumphant return to the market in 2002 under the ownership of BMW after the original model become a victim of the demise of British Leyland some 10 years earlier. Fast forward to 2014, where the wraps have just come off the third generation Mini Cooper built under BMW’s watch and it’s one of the most accomplished versions yet.

From the outside, the iconic silhouette will look to all but the most ardent Mini train spotters as pretty much the same as before. There are a few subtle cosmetic changes and the car is bigger, no matter which point on the compass you swing the tape measure.

Refinement has been ramped up with a better quality fit and finish. Buyers have a wider selection of innovative driver assistance systems they can option. However, prospective purchasers need to be mindful of ticking too many option boxes, otherwise they will see this small car grow a large car price sticker.

This new Mini sees a changing of the engine guard. In a first for our market, a turbo charged 1.5 litre three-cylinder motor is offered, alongside a new 2.0 litre four-cylinder unit. Both have improved engine and driving performance figures, while fuel consumption and emission levels have taken a nose dive by as much as 27 percent compared to its predecessor.

Starting this Mini is a whole new ball game as I discovered while road testing the base $36,200 Mini Cooper 1.5 litre turbo triple, in six-speed manual form. Once you take the key into the car, the engine can be fired up by pressing a toggle-type start/stop button located in the middle of the centre console. The button even glows red to let you know it’s good to go. Apart from the novelty factor, it has little else to recommend it and isn’t as practical as a standard ignition key and a darn sight more frustrating.

The 100kw turbo charged 1.5-litre 3-cylinder petrol is a real cracker and perfect for this nimble sure footed and deceptively quick little car that scoots from 0 to 100km/h in a very tidy 7.9 seconds.

The power and torque make for a highly responsive yet flexible engine that hauls with passion and enthusiasm right across the rev range and up to redline. To underline its remarkable flexibility, the engine pulled away cleanly and without any shudder or hesitation in fifth gear with just 1200rpm on board. This sort-of low-speed pulling power makes it ideal for mastering hilly undulating terrain, or for effortlessly ambling around town in the higher gears.

One thing I did find a little odd was the distinctive but pleasant three-cylinder engine beat - something I never expected to hear in a thoroughly modern Mini.

The one question mark I have against this engine note is whether prospective owners want their new Mini sounding similar to the three-cylinder motors in budget priced Japanese micro-hatches like the Suzuki Alto or Mitsubishi Mirage.

Some serious revisions have been made to the already impressive 6 speed manual shift from the old Mini. It’s almost as if BMW set out to show they can improve on perfection. This transmission is lighter and more fluent than the gearbox used in its predecessor. It’s smarter too, with a rotary switch at the base of the gear lever allowing you to choose standard, sporty or eco driving modes to suit your driving mood.

An optional six-speed automatic is offered, but comes at a hefty $3,000 premium - although this may seem cheap for those who will avoid manually changing gears at any cost.

Passenger and luggage space is the big winner out of this upsizing of this third- generation Mini. There is room for four adults, although it still remains snug for the two dispatched to the back seat. The rear cargo area can, with a bit of manipulation and a well timed shove and heave or two, accommodate a couple of decent sized overnight bags. A lift up rear hatch provides excellent accessibility to the cargo compartment.

Even for an entry-level model, the test car is well appointed and represents good value for money. There are more than enough creature comforts and safety features to satisfy most owners without them feeling compelled to up-spec the car from a huge range of options that are available. These include Park Distance Control, power operated glass roof, electrically heated and folding exterior mirrors, interior and exterior mirrors with automatic anti-dazzle function.

The newly configured suspension and steering make for a more satisfying drive, especially when you factor in the Performance Control system that ensures an agile yet neutral driving response through curves and bends.

A low centre of gravity, wide track and marginally longer wheelbase has this latest Mini Cooper clinging to the road with limpet-like ferocity. Ultra communicative steering allows you to place the car exactly where you want when entering corners and knowing it will not deviate from the course you have chosen. Ride quality is not a real strength of this car, with a fair chorus of suspension bump and thump over uneven road surfaces at town speeds. It regains some composure at open road speeds to produce a more comfortable and soothing ride.

What’s the verdict? This latest update of the 21st century mini is almost as compelling and innovative as the original model that took the automotive world by storm 55 years ago.