Australian Institute of Sport (AIS) is to invest AU$10m (US$7.6m, £5.2m) in redeveloping the 5,200-capacity AIS Arena in the capital Canberra.

First opened in 1981, the ageing venue was designed by Philip Cox & Partners and is currently home to two professional women’s basketball teams – the Canberra Capitals and the AIS women’s team.

Redevelopment work will include improvements to seating and F&B areas, as the AIS plans to breath new life into the arena and to increase the number of events – both sport and non-sport – held at the venue.

It’s expected that AIS will announce its preferred contractor for the works later this year, with the improvements being completed by the end of 2016.

The AIS Arena is part of the AIS precinct in Canberra, which in the past housed the headquarters of a number of national governing bodies of sport (NGB).

In recent years, however, the precinct has undergone a major overhaul and a number of NGBs have established new training bases and head offices away from Canberra.

The AIS Arena redevelopment is part of AIS’ strategy to ensure the facilities left behind by NGBs remain in active use.