This is the first image of what Archway will look like if the much-criticised gyratory is scrapped.

The computer-generated visual was commissioned by Islington Council to demonstrate how the area will be transformed for the better if the complex one-way road system is ditched.

It shows a much more accessible central island with wider pavements and a new “shared space” road surface at the northern tip of Holloway Road and the bottom of Highgate Hill.

Landscape gardener Ezra Chisholm, 29, of Hargrave Road, Archway, said: “It looks great. It would make a massive difference because it’s a hellhole at the moment and it could be a nice square if the island was more accessible.”

Islington Council is pulling together a detailed proposal to try to convince Transport for London (TfL) to hand over the estimated �3million to �4million it would cost.

The plan is to make what is currently the western arm, from the junction of Holloway Road and Sandridge Street up to the intersection of Highgate Hill and Tollhouse Way, into a bus and cycle-only route.

That would make the isolated island much easier to reach on foot, with a crossing from the corner of Junction Road linking it to Archway town centre. It would no longer be cut off by high levels of traffic, several lanes and railings. The triangle by Sandridge Street would also be easier to reach.

A two-way system would be introduced to allow all other traffic to curl around the eastern side of the island.

Kate Calvert, of the Better Archway Forum, which is campaigning for the roundabout to go, said: “This would be a vast improvement and it’s great to see it’s coming closer to reality. It could really kick-start the regeneration of Archway.” Cllr Paul Convery, Islington Council’s lead on the project, said: “We’re very optimistic that TfL will allocate the funding in the near future and this will be done. It could be shortly after the mayoral elections.

“It will fundamentally transform the place and give Archway residents their town centre back. It would open up lots of development opportunities and there could be �30million to �50million of investment coming in. Archway has a very bright future.”