AEG Europe, owner of The O2 venue in London, said it has submitted a planning application to City of Edinburgh Council for its proposed 8,500-capacity arena in Edinburgh Park on the western edge of the capital city.

Parabola, developers and site owners of Edinburgh Park, have agreed to sell the site for the new venue to AEG.

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

“Based on external assessment, the project is estimated to bring an estimated £520 million per annum in gross value added to the Edinburgh economy,” said AEG Europe.

“It is estimated the building will employ a collective total of 1,350 people per annum once up and running.

“Furthermore, 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 Europe’s portfolio includes The O2 and Eventim Apollo in London; Barclays Arena in Hamburg; Mercedes-Benz Arena, Mercedes Platz and Verti Music Hall in Berlin; and Accor Arena in Paris.

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 December 4, 2023, and January 9, 2024, where members of the project team and AEG Europe were on-site to hear first hand 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 …

“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.”