The one-time entertainment hotspot of Albury has been vacant when former owners, Panthers Entertainment Group, made a snap decision to shut the doors five years ago citing accumulated debts of $8 million for the demise.

Albury Council, which bought the Lavington Sportsground next door in 2001 for $1.2 million, passed up the opportunity to buy the sports club site in 2016 before Scott Walters and his wife Karen pounced a year later.

A development application was lodged on behalf of Centaur Road Developments by planning consultants Spiire for a change of use from registered club to function centre.

Its proposed uses include weddings, birthdays, anniversaries, corporate conventions, seminars, workshops, sporting groups awards and presentations, trade, sponsorship, education and religious events.

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The proposed hours of operation are Monday to Saturday 8am to midnight and Sunday and public holidays 9am to 10pm.

The venue has capacity for up to 1500 guests.

It is anticipated a larger event will require up to 100 staff including management, catering, bar staff and security.

"The proposed development and land use seeks to utilise a significant piece of real estate in a high profile location adjacent to a regional sporting facility in the Lavington Sportsground and surrounding sporting precinct," the application states.

"The facility offers a regional conference and event facility in a location conducive to high profile sporting events and social activity.

"The opportunity and the demand for a high quality facility exists in the locality and will potentially inject economic benefits onto the local community through employment opportunities, tourism and hospitality.

"The proposal promotes an efficient use of land and sustainable and responsible development.

"The development utilises existing infrastructure and avoids significant adverse impacts upon the environment or the existing residential amenity."

Existing facilities including ground and upper floor function areas and bars, auditorium, commercial kitchen and offices will be used in the proposed function centre.

It will be managed and operated independently.

"Accordingly, all licencing, including liquor licencing, traffic management and security arrangements will be coordinated and managed by event management as required," the application states.

It also states there will be no entertainment facility.