Plans for a major revamp of Lord's cricket ground in London have moved forward after Marylebone Cricket Club (MCC) launched its search for a development partner.

The club has appointed London-based property adviser Cushman and Wakefield to lead the search for a company that can deliver its Vision for Lord's at the St John's Wood venue. MCC proposals for the 16-acre (6.5-hectare) site, which have been drawn up by architects Herzog and de Meuron, will see the seating capacity increase from 28,500 to around 37,000.

A cricket academy; a Lord's museum and library; shops and space for exhibitions are also planned, along with an increase in playing area at the Nursery End to allow competitive games to take place and a residential development. Subject to receiving planning permission, it is hoped that work can start on site after Lord's is used to stage archery events at the 2012 Olympics. Meanwhile, Cushman and Wakefield is due to draw up a shortlist of prospective partners this summer.

MCC's Vision for Lord's project director, David Batts, said: "This is a major milestone in the Vision for Lord's project that seeks to deliver significant and long-term improvements whilst securing Lord's position as the most famous cricket ground in the world. "The selection of a development partner is a once-in-a-lifetime opportunity to be involved in the future of the world's most iconic sports ground and the game's spiritual 'headquarters'."

Robert Griffiths QC, chair of the MCC's development committee, added: "Our decision to seek a development partner has resulted from a strategic decision by MCC to seek expertise in residential development to ensure that we maximise the opportunity we have along the Wellington Road."