A new "world-class" concert hall and arts centre could be built in Edinburgh's New Town.

Under the plans, a £45m, 1000-capacity venue will be constructed next to the historic RBS building in St Andrew Square as the new home of the Scottish Chamber Orchestra (SCO).

Rehearsal spaces and recording studios would also be included in the design, enabling the facility to "rival the best in Europe", according to the developers.

The proposals are being spearheaded by the SCO and charitable trust Impact Scotland.

Colin Buchan, SCO chairman, said: "With this wonderful support from the SCO's long-term supporter, Dunard Fund, this project provides a fantastic opportunity for the SCO to provide an open, welcoming and unforgettable audience experience in a much-needed mid-sized performance venue with stunning acoustics in the heart of Edinburgh.

"Not only will it provide our internationally renowned orchestra with a splendid new home, it will also enable the SCO to reach out in ways that have not been possible in the past."

If built, the venue would also be able to host rock and pop concerts, dance events and shows during the Edinburgh Festival.

Festival director Fergus Linehan said "It is very important to the future development of the Edinburgh International Festival that all our venues are of the best international quality.

"We would adopt the new complex not just for our much loved morning concerts but as one of our principal, all-day performance venues."

Impact Scotland will shortly begin the process of inviting interest from architects and designers.