- February 21, 2024
- Posted by: SportsV
- Categories: Case Studies, Featured Articles, Features, Home News, Industry News, News, Press Releases
AEG Europe, the industry-leading promoter and owners of iconic venue The O2, has today submitted a planning application to City of Edinburgh Council for an 8,500-capacity arena, marking a significant step towards bringing the greatly-anticipated arena to life in the heart of Edinburgh.
The 8,500-capacity venue, spanning 18,500 square metres, will be situated in the Edinburgh Park area, revitalising scrubland and supporting the regeneration of the Park area alongside master developers 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 £83.1 million 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.
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 of appointing an external contractor to commence work thereafter.
Development Stats
Through an external audit, conducted by Savills, AEG Europe can estimate that the prospective Edinburgh Park Arena will bring the following:
- £520 million p/a indicative Gross Value Add including GVA from additional visitor spending outside of the arena.
- 700,000+ annual arena visitors with a related estimated annual visitor spend in the Edinburgh region of £83+ million.
- Local employment of circa 1,300+ jobs.
- Arena will generate 45 net construction jobs per annum (103 gross) during the build phase.
- 148 per annum net on site per annum during the operational phase (245 gross).
- 691 per annum net off site for the Edinburgh area outside of the Arena during the operational phase (1105 gross).
About Edinburgh Park Arena:
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- 8,500 capacity venue
- 18,500 square metres floor space
About Naming Rights
Through its own research, conducted by AEG Europe’s Global Partnerships team, the power of naming rights partnerships for brands is vast, offering average increases of 30% in brand awareness and 20% uplift in brand consideration amongst arena visitors and/or festival attendees after just the first year of a multi-year deal.
About AEG Europe
Headquartered in London, AEG Europe is a subsidiary of AEG, the world’s leading sports and live entertainment company. AEG Europe’s extensive portfolio of live entertainment and sports assets across the region includes: an array of best-in-class venues, such as 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; as well as renowned music festivals, including American Express presents BST Hyde Park in London and Rock en Seine in Paris. Its venues host some of the world’s best sports events and are home to prestigious sports franchises, including AEG’s own Berlin Eisbären ice hockey team at the Mercedes-Benz Arena.
Colleagues across Europe work together to create world-class live entertainment and sports experiences. AEG’s venue teams develop and operate best-in-class arenas and districts; AEG Presents promotes and manages concerts and tours, oversees renowned venues and produces some of the world’s leading music festivals; AXS Ticketing connects fans to events through specialist technology solutions; and AEG Global Partnerships links corporate brands into the company’s world-leading network of assets.
Source & imagery, courtesy: AEG Europe
Sports Venue Business (SVB) has unveiled a raft of new offerings for 2024 under the SVB LIVE banner, including Global Networking Events and a Webinar Series, culminating in an Annual Conference & Exhibition – to be held at Croke Park on October 9th and 10th – with an Expert Group helping to shape the conversation. We have also launched the exclusive, subscription-only ‘SVB Global Report’, outlining New Builds, Renovations & Major Refurbishments.
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