£14m plan to transform Piccadilly Circus and give space back to pedestrians in time for 2012 Olympics

The revamp will also see an end to the one-way system which has been in place since 1963, and has made crossing the road a nightmare for pedestrians.

In an effort to replicate the new diagonal crossing in Oxford Circus, more space will be freed up for pedestrians, and the statue of Eros will be given pride of place. A central island will be built along Piccadilly and Pall Mall, to make it easier to cross. 

The scheme was announced by Westminster Council leader Colin Barrow at this week’s full council meeting. He said: “This is an iconic landmark and it deserves a setting all Londoners can be proud of and enjoy visiting.

“In 2012 our capital will capture the world’s attention and our plans to transform Piccadilly Circus and the surrounding area will ensure visitors are as impressed by the city’s streets and all they have to offer, as they are with the sporting talent many will have travelled so far to see.”

Finance chiefs are waiting to hear whether Transport for London will fund £7m of the revamp, with the rest made up jointly from the council and Crown Estate. Engineering consultants Atkins has been commissioned to come up with the designs.

Beverley Aspinall, managing director of Fortnum and Mason in Piccadilly, said: “We are delighted to be supporting this development which will restore one of London’s most famous and historic streets to its former glory.”