If approved, the mayor believes, the plans would guarantee that the Oxford Street district retains its reputation as one of the world's best outdoor shopping experiences. The initiative would also create new traffic-free public spaces in the heart of London to rival other world cities such as Paris and New York.

The plans are now out for public consultation until mid-December. The proposals would see all east-west traffic restricted from entering part of Oxford Street which some north-south routes would be retained.

Public art
New seating would be placed along the street and a new 800 metre-long work of public art could also be commissioned for the length of the former carriageway, acting as a centrepiece for the transformed street. Subject to public response, the delivery of this first stage scheme will aim to coincide with launch of Elizabeth line services through Central London in December 2018.

The plans have been designed to fit with the wider extensive improvements being made across the West End, including the transformation of Bond Street and Tottenham Court Road stations in advance of the Elizabeth line, the Baker Street two-way project, and changes to the Tottenham Court Road / Gower Street area. The scheme will also see a range of measures implemented to help protect the wider area from traffic and air quality impacts.

Khan said: 'Oxford Street is world famous with millions of visitors every year, and in just over a year the iconic part of the street west of Oxford Circus could be transformed into a traffic-free pedestrian boulevard.

'Alongside the arrival of the Elizabeth Line, the Oxford Street area will be truly transformed over the coming years.'

West End
As well as Oxford Street, Westminster City Council and Transport for London also plan to deliver pedestrian and cycling improvements. More than two kilometres of pavements would be widened and improved to provide more space for local residents and visitors.

Mike Brown MVO, London's transport commissioner, said: 'The next 12 months are going to be one of the most important in the history of the West End. The opening of the Elizabeth line will see rail capacity in Central London increase by 10% and provides a once-in-a-generation opportunity to tackle the challenges of poor air quality and congestion across the West End.'

Jace Tyrrell, chief executive of New West End Company, added: 'After years of campaigning, it’s excellent news finally to see commitment from our politicians to a game-changing transformation of Oxford Street. Removing the wall of red buses from Oxford Street will reduce congestion and improve air quality – improvements which must also be capitalised on across Regent Street, Bond Street and the wider West End.

'In just over a year, the opening of the Elizabeth Line will bring profound change to the West End as an additional 120,000 visitors arrive every day. With an expected £1 bn increase in turnover in the West End by 2020 the economic impact will benefit all Londoners as well as the wider UK economy at a time when we face the uncertainty of a post-Brexit Britain.'

Read about how London retail is responding to Brexit in the November issue of PropertyEU's RetailWatch