The redevelopment of the Brighton Centre will inject a massive £3 billion into the city's economy, research has revealed.

More than 1,000 jobs will also be created as part of the huge scheme which will take in the Brighton Centre, Kingswest and Churchill Square.

The figure has emerged in the minutes of a meeting held by the South East England Development Agency, published this week.

A report was drawn up by the Government Quango to investigate whether the scheme was financially viable.

Almost £400 million will be ploughed into the project but the investigation concludes that the redevelopment of the central Brighton site will create between £2.3 and £3 billion for the economy in the next 30 years.

Some 1,006 jobs will be generated, and 470 current employees safeguarded, in the new development, including staff for the four-star hotel and retail positions for a larger Churchill Square which could include an extended Debenhams.

Brighton and Hove City Council will be contributing £31.7 million, Seeda £18.5 million and Standard Life is investing £349 million to regenerate the Churchill Square retail centre and a new Brighton Centre.

Councillor Brian Oxley, leader of the council, said: "A lot of people in city know how important the Brighton Centre is to the economy and Seeda have put a figure on that.

"In terms of future economic growth and prosperity it is essential.

"Before the election we said we would really move this forward and we are delighted that Seeda has decided to invest.

"Discussions are still continuing and I have made it very clear I would like to see this go ahead as quickly as possible."

It is hoped the revamp will put the Brighton Centre in competition for the worldís most lucrative conferences.

Town Hall bosses have decided to sidestep growing competition from other larger centres by creating a hightech, luxurious complex to rival the most exclusive venues around the globe.

The 25,000sqm centre will aim to attract the biggest names in business and cater for conferences of up to 1,500 delegates.

More exhibition space and bigger banqueting facilities will be on offer compared to the current site.

The Argus understands that Make Architects, fronted by Ken Shuttleworth, has already produced plans for the city's most lucrative asset.

During his time as a senior architect at Lord Norman Foster's firm, Mr Shuttleworth played a key role in designing landmark buildings including City Hall, near Tower Bridge, 30 St Mary Axe, dubbed The Gherkin, and the arches of the new Wembley Stadium.

Mark Jones,chairman of Brighton and Hove Hotels Association, said conference trade is key to filling rooms on week days.

He said: "If it is a high-end hotel included on site it will really help reinforce the feeling that Brighton is a great place to be.

"The conference market is changing and the days of 10,000 person Labour conferences are probably gone.

"Everybody is scaling down and we should be able to appeal to a new bread of conferences with this state-of-the-art centre."

City centre manager Soozie Campbell said the conference centre and extra shops will have be a major boost to current retailers.

She said: "It should have an positive impact on the whole city and it is an opportunity for shops that have not been able to find somewhere.

"There are at least 200 that cannot find a suitable property and if they cannot find the space they go elsewhere."

The existing Brighton Centre is celebrating 30 years but has lost some ground to bigger and more modern venues across the country.