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

The busy junction is at the heart of the capital鈥檚 equivalent of 鈥榮ilicon valley鈥�, which is estimated to generate more than 拢5bn a year.

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

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: 鈥淭he Old Street Partnership brings a new focus and collaboration to what is one of most important opportunity districts in Central London.

鈥淲e鈥檙e building on the area鈥檚 history and character and its fantastic connectivity, to build a thriving new community.鈥�

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 鈥渢o improve infrastructure, better promote the area and deliver economic benefits to both local businesses and the community鈥�.