Ambitious plans unveiled for Old Street Roundabout

�The concrete roundabout above Old Street Tube station could be the latest part of the area to undergo regeneration.

Design practice 00:/ has revealed plans to transform the Clerkenwell roundabout, which links Old Street with City Road, into a new office development with a Piccadilly Circus-like facade.

The company plans to use the vacant area above the Tube station to create space for a range of different companies and start-up enterprises.

Advertising board

A large, electronic advertising board – reminiscent of the iconic screens at Piccadilly Circus – would help to fund the project.

The area has been dubbed “Silicon Roundabout” because of the large number of web-based businesses located nearby and its likeness to California’s Silicon Valley.

The design company is in early talks with Transport for London which owns the land but David Saxby, an architect at 00:/, is confident that the scheme could become a success.

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He said: “No one has been able to raise the funds for the regeneration at Old Street for 20 years.

“With Google coming into the area, I think we can harness the value of the place now to build this project.

“Even if there is another recession, the station will still be upgraded and we can have up to 30 years’ legacy from it.

Mr Saxby is eager to point out that any regeneration would help maintain the character of the area.

“This is not corporate homogenisation,” he said.

“People in Old Street want to be many different things and we’re keen to hold on to these unique perspectives.”