The IMPACT Centre will be a 1000-seat auditorium, 200-seat studio and a range of all-day spaces in the heart of the city.

If approved, the £45 million venue will be built behind Dundas House in St Andrew Square and be completed by the beginning of 2022.

Sir Ewan Brown, chair of IMPACT Scotland, said: “An ideal city centre location, a funding combination of philanthropy and public funding, the support of the Royal Bank of Scotland and now a design for a beautiful building – all the elements are in place to seize the opportunity to put Edinburgh back on the world stage as a top music destination.

“Over the past year, the design has been developed and refined following extensive consultation with city officials, heritage bodies, community bodies and the public and we are grateful for everyone’s support and contributions.

“We believe we now have a building designed to attract performers and audiences of all ages, backgrounds and interests, to a bustling, all-day public space where everyone feels welcome, in a building to be proud of.”

Leading the design team, Sir David Chipperfield said: “Seeing Edinburgh at the height of the festivals reinforces just how much the new venue will contribute to the cultural life of the city, during summer and all year round. The challenge of creating a modern performance space in the heart of the historic New Town has been stimulating and the quality of public engagement with the process has contributed greatly to the design of this much needed new music venue in Edinburgh.”

A planning application for the IMPACT Centre was submitted to the City of Edinburgh Council on August 23.

The project is being funded through substantial philanthropic donations, together with £25m support from the Scottish and UK governments and the City of Edinburgh Council, as part of the City Region Deal. The Royal Bank of Scotland are supporting the project by providing a long-term lease for the land at a nominal cost.