Promoter and owners of venues including The O2, AEG Europe, has submitted a planning application for the 8,500-capacity Edinburgh Park Arena.

AEG said the venue is estimated to bring £520M per annum in gross value into the local economy and create 1,350 jobs.

The venue, spanning 18,500sqm, will be situated in the Edinburgh Park area, aiming to support the regeneration of the Edinburgh Park area alongside master developers Parabola.

The investment is expected to inject a further £83.1 million per annum back into the local economy through the 700,000 visitors the arena is expected to attract each year.

AEG has also announced its search for a naming rights partner and building contractor. It hopes to receive planning permission by June this year.

AEG Europe president and CEO Alex Hill said, “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 and 9 January, where members of the project team and AEG Europe heard from residents and update on intended plans.

AEG Europe executive VP of real estate and development, Alistair Wood, said, “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.”