A U2 attraction in the heart of Dublin could become one of Ireland's most visited tourist sites, with plans unveiled for an exhibition centre dedicated to the band on the capital's waterfront.

To be developed on Hannover Quay – the current site of the band's existing recording studio – the new three storey complex will display a selection of never-before-seen U2 memorabilia collected over the four decades of the group's existence.

A planning application for the development was submitted yesterday (27 June). If approved, the studio will be demolished to make way for the attraction.

U2 has a long history with the site, going back two decades. It was forced to sell its studio in 2002 to allow for public amenity works relating to the development of the Grand Canal harbour area. As part of that deal, the band was to take the top two floors of a new 32-storey tower development. That project, however, ended up on hold following the economic crisis.

In 2014, U2 repurchased the site from the Dublin Docklands Development Authority at a cost of €450,000 (US$521,000, £398,000) and new plans have now been made for the site.

The attraction will include a reconstruction of the band's original studio, multiple exhibition spaces, an auditorium and a café.

The site will be built alongside a 20-bedroom boutique hotel development, which will also feature a restaurant and bar. The developer of that project is Harry Crosbie, who the band purchased the 18th-century space from when they originally moved to the property in the late 90s.