An application for Planning Permission in Principle submitted to Fife Council last month by Stirling Developments Ltd proposes a £600 million investment into the Earl of Elgin’s Broomhall Estate.

The plams, which could create more than 7,000 jobs over the 25-30-year development period, also include two primary schools, 69 hectares of employment/commercial land, three community hubs, parks and “character areas”.

The masterplan provides future flexibility of development uses to allow it to increase the residential capacity to a maximum of 2,450 homes.

The Dunfermline-based firm, which acquired the land and development rights for Lord Elgin’s estate, said the residential part of the plans would cost around £375m, industrial units and offices around £208m and £15m for two primary schools.

The firm’s planning statement said 2,642 jobs could be created in the industrial premises and 4,511 in the offices.

It added: “In summary, the proposed development is projected to generate £600m of capital investment, 330-400 jobs per annum over its construction period, £52m annual revenue and an estimated 5,720 net additional long-term jobs.”