OXFORD University is to submit plans this month for a £78m scheme to transform the New Bodleian Library in Broad Street.

The massive renovation would take five years to complete and could bring new vibrancy to one of the city’s most historic streets.

The New Bodleian would be renamed the Weston Library, with the building to be opened up to the public for the first time, allowing the Bodleian to put many of its treasures on display in what would effectively be a major new visitor attraction.

A new glass frontage would face out to Broad Street, with a large entrance hall, exhibition rooms and a cafe inside a redevelopment that could be the centrepiece of the long-awaited plan to upgrade Broad Street, one of Oxford’s architectural jewels.

Oxfordshire County Council said it would be working closely with the university to create “an exciting public space” between the proposed new Weston Library and the Clarendon Building.

The public space would be semi- pedestrianised and would feature quality paving.

Sarah Thomas, Bodley’s Librarian and the woman overseeing the biggest expansion in the Bodleian’s history, said the redevelopment would create a building “worthy of the Bodleian’s treasures and historic collections”.

She said: “This is one of the largest and most exciting library renovations in recent times.

The work will transform the library from a book fortress into an inviting and inspiring space for visitors and readers. We want to share this great, internationally-famous inheritance and provide a window into the research life of the university.

“We believe it will also transform this end of Broad Street.

“It will make it more welcoming and dynamic. We believe that it will be an important addition to the cultural life of the city.

“Creating the entrance in Broad Street means it will be more closely connected to the other historic buildings, such as the Sheldonian Theatre and Clarendon Building.”

The announcement of the plan comes just weeks after the reopening of the Ashmolean Museum, Oxford, following a £61m redevelopment.

The idea of creating a public square in front of the Clarendon Building now looks to have been ruled out.

Instead Ian Hudspeth, county council cabinet member for growth and infrastructure, said he favoured “a shared space”, with the road raised to pavement level and traffic signals and “clutter” removed.

He said he hoped that the university could contribute to the costs to ensure a high-quality development, adding that funding would be available from the county council to “dovetail” the work inside and outside the new library.

He said the full pedestrianisation of Broad Street was unlikely because of the demands of local business and the need for an access route to the Covered Market, but the issue of parking in the Broad was likely to be reviewed.

Mr Hudspeth added: “We want to work with the university to provide enhanced features and give the feeling of it being more a space for pedestrians.”

The New Bodleian houses the Bodleian’s special and rare collections, including 10,000 Medieval manuscripts. In recent years the building’s deteriorating state has led to doubts about its ability to store collections of international importance, with concerns about fire risk, security protection and humidity.

Some 3.5m books would have to be moved before building work begins and some 175 staff at the New Bodleian would have to be relocated during the renovation.

A planning application will shortly be submitted to Oxford City Council, with the proposed new Weston Library potentially opened in 2015.

The Garfield Weston Foundation — established by Canadian businessman William Garfield Weston in 1958 and a major contributor to the arts in this country — has pledged to donate £25m towards the scheme. Oxford University Press is to contribute a similar amount, while Julian Blackwell, president of Blackwell’s Bookshop, has pledged £6m.

Debbie Dance, director of the Oxford Preservation Trust, said: “With our interest in seeing an improvement in Broad Street dating back to the Broad Street Plan, published in 2004, we are pleased to see these plans coming forward, which will enliven this part of Oxford.”

Plans for the Weston Library will go on show at a public exhibition at the New Bodleian today and tomorrow between 2pm and 7.30pm.