AEG Europe has secured planning permission for the 8500-capacity, Edinburgh Park Arena.
Edinburgh Council Committee has approved plans for the venture, which the operator said will inject £520m into the regional economy each year and create more than 1300 jobs.
AEG Europe owns the O2 Arena in London and Uber Arena in Berlin.
“We are delighted to have been granted planning consent for a cutting-edge new venue for Edinburgh. Having worked closely with City of Edinburgh Council, we strongly believe the arena will deliver huge benefits to the city throughout every stage of the building’s life cycle – from development to completion, for years to come when we’re bringing the world’s best artists to the Scottish stage,” said Alex Hill, President and CEO of AEG Europe.
AEG will now work with developers and site owners, Parabola, on the project, which will span 18,500sq metres of Edinburgh Park in the west of the city.
The decision was announced just days after Taylor Swift’s record breaking concerts at Murrayfield, which are said to have brought £77m into the local economy.
“We thank the City of Edinburgh Council for their forward-thinking and proactive approach and for their shared vision of a new best-in-class arena for Edinburgh. We now turn our attention to expanding on these plans through the appointment of an external contractor, as well as seeking naming rights partners and finalising funding partners,” added Alistair Wood, Executive Vice President, Real Estate and Development, AEG Europe.
AEG’s own research showed that naming right partnerships lead to a 30% increase in brand awareness and a “20% uplift in brand consideration” among arena visitors “after just the first year of a multi-year deal.”
Construction is set to begin in 2025 and the first event is expected to take place in 2027.
