Westminster City Council has announced plans to carry out a £14 million overhaul of Piccadilly Circus.
The move involves removing the guard railings installed during the 1960s in order to make the area more accessible to pedestrians and head of Regent Street Portfolio at the Crown Estate David Shaw said that those who own
commercial property in the area will be one of the benefactors.
"This innovative scheme will deliver major improvements for residents, visitors and business alike ahead of the Olympics," he remarked.
More than one kilometre of railings will be taken down in a bid to open the area up to the public and a central island is to be built along Piccadilly and Pall Mall in order to give shoppers greater access to stores.
This one of a series of investment projects that are due to get underway in the capital.
Last month, the Crown Estate submitted planning applications to redevelop two sites on Regent Street, a move that will see the contraction of two new business properties.