The busy junction is at the heart of the capital’s equivalent of ‘silicon valley’

Transport for London (TfL) is to present its plans for redeveloping Old Street roundabout in London this week as part of a local partnership’s plans to overhaul the area’s infrastructure.

The busy junction is at the heart of the capital’s equivalent of ‘silicon valley’, which is estimated to generate more than £5bn a year.

TfL will present its plans on Thursday (18 May) to transform the roundabout “to make it safer for pedestrians and cyclists and improve the public space to make it more pleasant for everyone”.

A partnership of local businesses, hoteliers and landowners is seeking to drive the redevelopment of the area in the next five years and enhance its appeal.

Matthew Moffat of Z Hotels and chair of the Old Street Partnership, said: “The Old Street Partnership brings a new focus and collaboration to what is one of most important opportunity districts in Central London.

“We’re building on the area’s history and character and its fantastic connectivity, to build a thriving new community.”

It was vital that the infrastructure of the area was improved to take Old Street to the next stage of its development and sustain its growth, Moffatt said.

The partnership will work alongside TfL and other public sector providers “to improve infrastructure, better promote the area and deliver economic benefits to both local businesses and the community”.