Plans have been unveiled for a major £400m redevelopment of Lord's cricket ground in St John's Wood, London, which are designed to reaffirm the venue's reputation as the home of cricket.

The development proposals have been drawn up by Swiss architects Herzog and de Meuron - the firm behind the Beijing National Stadium, China, which was used for the 2008 Olympic Games. According to The Times newspaper, the Vision for Lord's project will see the venue's seating capacity increase from 24,493 to 36,990, as well as a new underground facility to house a new cricket academy boasting 16 long lanes and ten pitches to simulate overseas playing conditions.

The proposed underground part of the scheme would also feature permanent food and drink outlets, a sports injury clinic, a gym, a swimming pool, squash courts and a spa, while access will be provided from the museum located on St John's Wood Road to house a theatre and a cinema. Residential accommodation, a library and an increased Nursery End to host first-class cricket are also reportedly earmarked as part of the development, which is subject to the approval of Westminster City Council and members of Marylebone Cricket Club (MCC).

Robert Griffith QC of the Lord's development committee, told The Times: "The detail of the financial and legal model has to be in place so that the scheme is financially viable and deliverable. This is an absolute priority because what we are considering is probably the most challenging task the club has ever taken on." In a statement, the MCC said that the scheme was subject to three conditions, including the financial viability of the plans, as well as securing an agreement with the Rifkind Levy Partnership, which owns land at the Nursery End.

A spokesperson for the MCC said: "Upon satisfaction of these three conditions, the MCC committee will put forward a resolution to the club's 18,000 members to proceed to the next stage of the project, which would involve pre-application consultations with Westminster, the Greater London Authority and other interested parties, including local communities." However, the spokesperson denied reports suggesting the MCC would seek to sell naming rights to Lord's cricket ground, adding: "the club has no intention of the ground being named after anyone else."

It is thought that the redevelopment of Lord's will be completed by 2021.