This is how Durham city's waterside could be transformed if plans for a state-of-the-art business school are given the go-ahead.

Durham University wants to relocate from its current location on Mill Hill Lane to Durham city centre on Elvet Waterside, where the swimming pool used to be.

The new £70m building will create cutting-edge research facilities and enable business events and conferences to take place.

Artist's impression of the new Durham University Business School
Artist's impression of the new Durham University Business School

Residents had the chance to view plans for the new building at a public consultation in Durham Town Hall last week.

Professor Susan Hart, Dean of Durham Business School, said the relocation of the school would bring £70m of direct investment to the city, as well as supporting jobs.

She added: "Beyond the economic benefits of drawing more people into the city centre, the new design will: see views of the UNESCO World Heritage Site from the river walkways opened up as the proposed building will sit further back from the river than the current Baths and provide landscaped public spaces which will allow events similar to those that take place in Market Place or Millennium Square."

The development would also see Vennel Cottage restored and redeveloped as a coffee shop that would be open all year round, Prof Hart said, and there would be improved flood defences that will benefit those downstream of the site.

Prof Hart said it would provide an "attractive addition" to the region's conferencing and events facilities in a city centre location adjacent to key quality hotels which can provide accommodation for such events.

"The economic benefit will not only be felt by the hospitality sector but by all of the local businesses and service providers, including catering, retail and transportation," she added.

Plan of the new Durham University Business School
Plan of the new Durham University Business School

The institute says the scheme will benefit the riverside area, which will include additional flood storage during extreme flood conditions that will benefit residents, businesses and infrastructure in the city.

The business school is the latest multi-million pound development that is part of the university's 10-year programme that will see it invest £107m in its science building, colleges and education programme.