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Old Street roundabout |
Roundabout threatened by Olympic gateway plan
£64m deal paves way for shops, offices and homes development
WINDSWEPT Old Street roundabout could be demolished under radical plans for one of Islington’s most hated landmarks.
The Tribune has learned that council planners have been in high-level discussions with Transport for London (TfL) over the future of the roundabout, which links Old Street and City Road, as it is considered an “Olympic gateway” between the City and West End.
News of the possible demolition follows one of the area’s most lucrative property deals in recent years, with two buildings at 183-213 Old Street being sold to an offshore trust for about £64 million.
The site, which includes the Somerfield supermarket and Superdrug, was sold by Frogmore Property. It will be redeveloped by Fusion Gold, which has plans for a 700,000 square foot retail, residential and commercial complex. It forms part of Old Street’s overall regeneration, which began with the Promenade of Light, under which trees were planted, benches fitted and night-time illuminations provided.
Eric Roseman, director of Frogmore, said Mayor of London Ken Livingstone’s office was not happy with Old Street roundabout as an arterial route into the City.
He added: “There are people who would like to see it changed. In 10 years’ time the whole area is going to be changed significantly.”
The roundabout, which has an intricate traffic lights system, becomes gridlocked during the rush-hour.
Frogmore paid £45 million for the site in 2004 when it was bought from Prestbury. Its sale represents a profit of £19 million.
Some residents are unhappy that they have not benefited from the sale, arguing that public-funded projects such as the Promenade of Light have helped boost 183-213 Old Street’s value.
Campaigner Leo Chapman, of Dufferin Street, said: “The pity of it is there’s no share of the £19 million profit in just three years for Islington Council and EC1 New Deal for their Promenade of Light project, which has so rejuvenated the frontage of the properties and helped to raise their value. Frogmore has done nothing to the buildings in three years.”
Sources say architects firm Hamiltons is working on plans to build two tower blocks, which will include a hotel.
Robin Partington, of Hamiltons, said he was working to “develop the concepts” and added that no firm plans had yet been agreed. Another two skyscrapers are planned for Old Street, one behind Central Foundation School, under the massive regeneration of nearby City Road basin.
A TfL spokesman said: “In conjunction with the London boroughs of Islington and Hackney, TfL has for some time been looking at Old Street roundabout and ways in which it can be improved.
“A number of options are being looked at to meet the key aspirations of improving the quality of the public realm and conditions for pedestrians in particular. However, these options are still at the exploratory stage and no decisions have been made about the future of the road network there.”
Lib Dem councillor Lucy Watt, Islington Council’s deputy leader, said the council was in the early stages of discussion with TfL about the future of the roundabout.
She added: “There are no firm decisions to report.
“We believe that it is important to listen to what residents have to say, so any plans to redevelop the area would be made in consultation with local people.”
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