Merlin Entertainments is planning to open Japan's first Legoland theme park, which will be similar in scale to the recently opened venues in Johor, Malaysia, and Florida, US.

The new park, to be located in the city of Nagoya, will cost ¥32bn ($314m) and adds to Merlin's existing portfolio of six Legoland parks across five countries.

Legoland Japan will be opened under Merlin's 'operated and leased' model, with the infrastructure of the park being funded by a third party, Kirkbi Invest.

Nagoya is ideally located in the centre of Japan and is approximately two hours from Tokyo and one hour from Osaka.

Legoland Japan will be located on a site close to the port, with excellent road and rail links.

The initial development will focus on the theme park, with potential options available for further park expansion and the development of on-site, themed accommodation over future periods.

"We are delighted to be working closely with the City of Nagoya and with Kirkbi on the project, both of whom appreciate the potential of the brand in the second biggest theme park market in the world," said Nick Varney, chief executive of UK-based Merlin Entertainments.

"The park will make a significant contribution to the growth of the Merlin group from opening in the second quarter of 2017, as well as supporting our continued geographic diversification.

"Long term, we continue to believe that there is significant opportunity for the Legoland brand, with the potential for up to 20 parks across the world and we remain committed to our target of opening a new park every two to three years."

Legoland Parks

Merlin currently operates six Legoland parks in five countries, including the most recent new openings in Florida (2011) and Malaysia (2012), and plans to open a seventh in Dubai in 2016.

The Legoland Park Operating Group enjoyed 14.2% revenue growth in 2013 delivering over £350m ($600m) in revenue with an EBITDA margin of 36%. Merlin sees the roll out of new Legoland parks as one of the key growth drivers of the business.

Merlin also operates Legoland Discovery Centres, a smaller, indoor Legoland experience, with an existing successful attraction in Tokyo.