Pedestrian zone will transform a 'flawed icon'

A new public realm to rival Trafalgar Square and Covent Garden will be created in an overhaul of London's iconic Centre Point tower under £350m plans by the developer Almacantar.

The tower, finished in 1966, was Almacantar's first big deal a year ago when its chief executive, Mike Hussey, bought the Grade-II listed building from the administrator of the property group Targetfollow for £120m.

The proposals to revive the ageing landmark – labelled a "flawed icon" by Almacantar's development director, Kathrin Hersel – will see the traffic accident blackspot at the base of the building turned into a pedestrian zone.