Spanning 18,500 square metres, the facility aims to revitalise a scrubland plot and support the regeneration of the Edinburgh Park area alongside developer Parabola. Based on external assessment, the project is estimated to bring an estimated £520 million per annum in gross value added to the Edinburgh economy.

It is estimated the building will employ a collective total of 1350 people per annum once up and running. Furthermore, the investment is expected to inject a further £83.1m per annum back into the local economy through the 700,000+ visitors the arena is expected to attract each year.

Alex Hill, president and CEO of AEG Europe, said: “We are thrilled to be progressing with our plans for a spectacular new arena for Edinburgh. The city has long been renowned as a destination for global culture and one of the world’s best for the arts and live entertainment. We’re excited to build on this reputation and bring world-class live music and entertainment to Edinburgh, as well as investing in the wider Edinburgh Park community through the creation of 1000+ employment opportunities.”

The application follows a series of in-person public consultation events, which took place on 4 December 2023 and 9 January 2024, where members of the project team and AEG Europe were on-site to hear firsthand from residents and update on intended plans.

Alistair Wood, executive vice president of real estate & development for AEG Europe, said: “We’re delighted by the feedback and valuable insights we’ve received during the extensive consultation and public exhibition process. It’s been fantastic to see such strong support for our plans, and therefore we are hopeful for a swift and clear decision following our planning application.”

Mr Wood added: “If we were able to secure planning permission, our focus would then immediately turn to identifying a Building Contractor and Naming Rights partner to bring this exciting project to life on site.”

The company is hoping to receive planning permission by June 2024, with a view to appointing an external contractor to commence work thereafter.