Lancashire County Cricket Club (LCCC) has unveiled plans for the £200m redevelopment of Old Trafford cricket club in Manchester as part of a larger 50-acre sports-led regeneration scheme.

The project, led by a joint partnership between the club, Trafford Council, Ask Developments, Tesco and Stretford High School, will include a 750,000 sq ft (69.6 sq m) development featuring a new 15,000-seat stadium with the capability of rising to 25,000 with temporary seating.

As part of the first phase, designed by BDP architects, a new outfield will be installed with a faster drainage system based the design of the Lord's cricket ground, to allow for play to start earlier after heavy rain. The new designs also include the reorientation of the wicket to allow for a new larger square with five additional wickets, which will enable the club to bid for higher profile matches.

When complete, the facility will also include conference and banquet facilities, enhancements to the existing pavilion as well as new player and media facilities and a hotel.

A spokesperson from the cricket club said: "The proposals come at a time of fierce competition for the rights to stage International Test Matches, which has recently seen the ground, and the region, fail to secure any for the foreseeable future.

"The significant investment being made in the new facilities will ensure that Old Trafford regains its rightful place on the international test match circuit in time for the 2013 Ashes Test."

Lancashire chief executive Jim Cumbes said: "The Old Trafford brand has a massive standing in world cricket. The club has been on the same site since 1857.

"Together with our local partners, the Northwest Regional Development Agency and Sport England we will work towards delivering a scheme which will have at its heart a new world class stadium fit for the next 150 years fit for the UK's greatest sporting city region."

Plans for the mixed-use regeneration development, which will be anchored by the new cricket venue, is expected to include new leisure, retail, business and residential space.

Head teacher of Stretford High School Derek Davis added: "The club is in detailed discussions with the school and its governors as well as the local authority, to identify how the proposals can deliver maximum benefits for the local community."

A planning application for the first phase of the new stadium development will be lodged imminently with work expected to begin early 2009 to be completed early 2012. In order for the club to bid for the ashes, construction on the new square will need to begin in 2011.