Leicester Square in London, famous for its red-carpet movie premiers, is set for an £18.5m regeneration project.

Work on the site will include the installation of a 200m white granite “ribbon” seat, allowing some of the 250,000 people who pass through the square each day to sit and relax and take in some of the surrounding historic sights.

The central gardens will be transformed while retaining some of their original features, including the Grade II listed Shakespeare statue and fountain.

The nine side streets that act as gateways into Leicester Square will also be revamped with some new and original decorative lighting features. Floral planters and trees will be encouraged to soften the streets’ appearance.

The official ticket booth on the south terrace will be rebuilt in a more contemporary style and it is hoped it will be a new iconic addition to the West End.

According to the Westminster City Council, the square plays host to 50 film premieres a year and the redesign will add significantly more seating areas to the square.

The Leader of Westminster City Council, Sir Simon Milton, said: These plans will ensure the square will continue to enthrall the millions of visitors who visit it every year for generations to come.

“This is very much an area for the people, and we want visitors to be able to relax and enjoy the sites and the array of dining and entertainment on offer. Like the rest of the West End, a visit to Leicester Square is an exciting and unique experience, with a choice of attractions and activities like nowhere else."

The central square boasts four cinemas, with another two cinemas in side streets and one in Coventry Street.

The council will shortly be seeking expressions of interest from architects for the project.

The council hopes to complete the regeneration by the end of 2010 in time for the 2012 Olympics.