Science Oxford has submitted a planning application for its proposed £38m attraction The Magnet - the UK's first integrated science discovery and innovation centre.

The development has been designed by Foster + Partners to be built next to Castle Mound.

Its centrepiece attraction would be a world-class planetarium but it would also include displays, events and lectures promoting all forms of science.

The innovation centre would provide accommodation and support for 50 local high-tech companies.

The Magnet is expected to attract 150,000 guests annually, create more than 100 skilled jobs and generate £128m over the next 10 years for the local economy.

Chief executive of Science Oxford, Ian Griffin, said: "Working together the discovery and innovation elements of The Magnet will provide education, inspiration and support for the long term benefit of Britain's science economy.

"We're proposing a world class building which reflects the spirit of discovery and innovation and enhances its historic setting close to Oxford Castle."

Should planning consent be granted, and subject to further fundraising, construction is expected to begin in 2014 with the attraction set to open in summer 2015.