The Centre for Biomedical Research is part of the city's drive to become a global centre of excellence in biomedicine.

The new centre would be built next to the new 869-bed Edinburgh Royal Infirmary in the Little France area of the capital.

Backers hope to create a campus environment incorporating the new hospital and the University of Edinburgh's Medical Faculty.

Biotechnology is one of the world's fastest growing sectors in which Scotland has a considerable presence

Liam Fennell Scottish Enterprise Edinburgh and Lothian

A consortium including the University of Edinburgh, Lothian Health Board and Lothian University Hospitals Trust are hoping to create the research centre.

They estimate that 30 spin-out companies and 120 business start-ups will be generated by the development.

It is hoped it could create 6,000 jobs and inject more than £500m annually into the economy.

The proposal submitted for the approval of Edinburgh City Council envisages the provision of 82,450 sq metres of private research accommodation.

Major significance

It also includes plans for 51,000 sq metres of university campus and NHS development.

Liam Fennell, head of Scottish Enterprise Edinburgh and Lothian's biotechnology team, said the project was of "major significance".

"Biotechnology is one of the world's fastest growing sectors in which Scotland has a considerable presence with the potential for momentous development," he said.

"The Centre for Biomedical Research will provide the environment to support the incubation of that potential."