Leicester City Council has approved plans for the creation of a new King Richard III visitor centre in the heart of Leicester's Old Town.

The former Alderman Newton's School building at St Martin's Place will be transformed to house a new exhibition, entitled 'Richard III: Dynasty, Death and Discovery' which will guide visitors through the story of the king's life, brutal death at Bosworth Field in 1485, and the story of his rediscovery.

The £4m project will transform both the inside and outside of the Victorian Gothic building to create two floors of exhibition space and a new covered area allowing visitors access to the grave in which Richard's remains were discovered last summer.

Designs also include a new courtyard garden, glass entrance hall, viewing balcony, cafe and visitor entry from Peacock Lane.

The 150-year-old former Alderman Newton School building, which is right next to the Greyfriars grave site, was purchased by the city council last year with a view to breathing new life into the building as a King Richard III visitor experience.

Designed by Architects Maber and design company Studio MB, the project will transform both the inside and outside of the Victorian Gothic building.

The completed visitor centre is scheduled to be opened in time for the planned reinterment of King Richard's remains at Leicester Cathedral, just across the road in Peacock Lane, in spring 2014.

Leicester City Mayor Peter Soulsby said: "I am very pleased that these stunning designs to bring new life to this beautiful old building has been approved, and work can now progress on creating a very fitting visitor experience telling the story of King Richard."

The centre is expected to attract 100,000 visitors and bring in over £4.5m to the city's economy in its first year.