EXPERTS behind a blueprint aimed at transforming Edinburgh's cultural landscape last night urged the city to press ahead with plans for a new indoor concert arena for the capital as they revealed it would generate at least £17 million a year in economic benefit.
Consultants brought in to review the future of performing arts venues across the capital have insisted a long-awaited new arena could be delivered within five years and play a major part in the city becoming a year-round events destination.
Their
message was delivered as a new report revealed that Edinburgh's festivals and events were now worth more than £260 million to the city's economy – and would play a vital role in helping the capital combat the impact of the recession.
The new figure is some £60 million more than the last estimates around five years ago and includes established events such as the Tattoo and the Fringe, the huge calendar of rugby events in the city, and new festivals such as Taste of Edinburgh.
The green light to press ahead with plans to create a new 6,000-capacity arena capable of hosting everything from rock and pop concerts to large-scale dance events, musicals and conferences was given by councillors yesterday.
Potential operators will be offered the chance to pursue possible ventures in partnership with the council and major landowners, with the waterfront favourite to become home to the new venue, estimated to cost up to £30 million.
The new multipurpose venue was the key finding to emerge from the study by PMP, the company charged with mapping out a future vision for major cultural venues.
Nick Russell, director at PMP, said: "This is very much a goer for Edinburgh as far as we're concerned. We know there is demand from operators and promoters for this kind of thing in Edinburgh, because we are speaking to them all the time."
