Developers Almacantar have unveiled plans for the redevelopment of Marble Arch Tower, to include a new Odeon cinema.

Under the proposals, the existing tower – built in 1967 – will be demolished and replaced by two new buildings of 17 storeys and seven storeys respectively, with new public spaces created between them.

The scheme will comprise 52 private apartments, 123,000sq ft of offices, 36,000sq ft of retail space – including a new flagship retail unit of up to 15,000sq ft - and a new and improved Odeon cinema.

The taller, western building will include residential apartments and shops at ground level, while the eastern building will house commercial office space and shops on lower ground, ground and first floors.

The new cinema will be located in a purpose-built basement which runs underneath both buildings accessible from Edgware Road.

Subject to planning consent, construction is expected to start in 2015 and will be completed in 2018.

Almacantar acquired the property, which is situated at the corner of Oxford Street and Edgware Road, in May 2011.