A proposal to spend AS$800m (£409.2m, US$578.7m, €524.9m) on redeveloping the Canberra-located Manuka Oval to attract more elite sporting events has been put forward.

A group led by Australian Football League (AFL) club The Greater Western Sydney Giants has submitted the proposal to the Australian Capital Territory government (ACT), which includes the upgrade of the stadium’s surrounding area. As well as Australian Football, the ground also hosts cricket matches.

“For 100 years, Manuka Oval has been a proud home of cricket and Australian Football in Canberra,” said Giants chair Tony Shepherd. “But the Oval’s potential is limited by not meeting benchmarks for international cricket and AFL.”

The proposal includes the addition of 4,750 new permanent seats to replace temporary seating and standing areas, a new roof covering 80 per cent of seating, a multi-million dollar landscape upgrade, a new running track and hospitality and media facilities.

Outside the ground, plans for a mixed-use development in the Manuka precinct have been put forward, which includes a four-star hotel, serviced apartments, a licensed club, retail outlets and 450 additional car parking spaces.

The ground was used as one of the venues for the 1992 Cricket World Cup and the final of the 2014/15 Big Bash in January last year, although a request to host international Test matches was rejected in 2013.

According to Shepherd, the development would “generate substantial economic benefits for the ACT” and will come at “no cost to the taxpayer”. The plans would see the Oval remain in community ownership.

“The proposed upgrades will mean that Canberra can attract more elite sporting events. They will also bring great improvements to the player and visitor experience,” he added. “Our vision is for a beautiful new part of Canberra that is based on wonderful design, sustainability and public art which people will love to come to, whether to attend a sporting event, to work, to live or to visit and enjoy.”