Waterloo - Development Pipeline

As an Opportunity Area in the Mayor’s London Plan, our neighbourhood is set to experience a significant programme of development over the coming decade and beyond. These projects will reshape Waterloo’s skyline, streets and public spaces, while welcoming many more people into the area.

WeAreWaterloo is closely engaged in this evolving landscape – convening developers, landowners, councils and businesses, advocating for local priorities and providing intelligence on emerging trends within the area. This page brings together key information on the major developments transforming Waterloo, outlining what’s planned, what’s underway, and how WeAreWaterloo will play a key role in ensuring growth delivers lasting benefits for the local community.

WATERLOO STATION MASTERPLAN

Location: London Waterloo Station and surrounding Waterloo & South Bank area

Type: Strategic masterplan / long-term vision for station and public realm (connections, concourses, public spaces, green infrastructure, workspace)

Led by: Lambeth Council and Network Rail (client); commissioned masterplan by Grimshaw & Places for London.

What’s happening: A framework of long-term improvements including 40+ enhanced walking/cycling routes, redesigned northern concourse, a new southern concourse, enhanced inclusive public spaces, and significant new green infrastructure around the station.

Status: Masterplan published as a long-term vision and framework. Next steps are expected to focus on further stakeholder engagement and identifying short-term projects and funding to begin delivery.

ELIZABETH HOUSE/ONE WATERLOO

Location: 55 York Road, Waterloo / South Bank, SE1 7NJ (next to Waterloo Station)

Type: Major commercial redevelopment (office-led scheme) with public realm improvements around the station

Led by: HB Reavis (client/developer); design by AHMM

What’s happening: Replacement of the existing Elizabeth House building to deliver a new large-scale office development (c.1.2m sq ft workspace; up to ~11,000 jobs claimed), alongside significant improvements to public space and pedestrian routes around Waterloo Station.

Status: Planning approved (final consent granted Feb 2021). Scheme currently delayed/paused; construction not yet started.

ROYAL STREET

Location: Royal Street / north Lambeth, opposite St Thomas’ Hospital; adjacent to Waterloo Station area

Type: Life sciences / innovation-led mixed-use masterplan (lab-enabled offices, affordable housing, co-working in railway arches, retail/cafes/community space, public realm)

Led by: Stanhope (client); masterplan architect AHMM (with multiple plot architects)

What’s happening: A new “innovation cluster” combining lab-enabled office buildings, a residential building with 50% affordable homes, affordable workspace in railway arches, and new routes/public realm (rain gardens, boardwalk-style connections) plus ground-floor active uses and a community space.

Status: Planning permission granted 2023.

LOMA WATERLOO

Location: 1 Lower Marsh, Waterloo, SE1 7NT

Type: Office refurbishment / retrofit workspace (self-contained building with terraces and end-of-trip facilities)

Led by: Morgan Real Estate (development manager); Architect: Fathom Architects

What’s happening: A comprehensive retrofit of an existing building to create c.6,300 sqm of upgraded workspace with significant terrace space, a courtyard, and enhanced cycle facilities (incl. 114 bike racks).

Status: Completed. Vacant units.

SOUTHWARK STATION OVER-SITE DEVELOPMENT

Location: Southwark Tube station (corner of Blackfriars Road / The Cut, SE1)

Type: Over-station development (PBSA + affordable housing, with public realm / ground-floor uses)

Led by: Places for London (TfL) and Helical (JV); design team AHMM

What’s happening: A 15-storey PBSA building delivering 429 student studios above the existing station, plus a separate building delivering 44 affordable homes, alongside public realm improvements / new active ground-floor uses.

Status: Planning approved (March 2025). In Feb 2026, the JV conditionally exchanged a forward-funding deal to a vehicle wholly owned by Places for London, supporting delivery of the scheme.

WATERLOO CENTRAL & Emma cons gardens

Location: 99-119 Waterloo Road & 120-126 Cornwall Road, SE1 7NJ (opposite Waterloo Station)

Type: Major commercial redevelopment (office-led scheme) with affordable workspace, cultural infrastructure, and public realm improvements

Led by: Bourne Capital (developer)

What’s happening: Delivery of a landmark office development (~2,500 jobs) with exemplar sustainability design (integrated solar panel facades, BREEAM Outstanding, operationally net-zero). Includes 18,000 sq ft affordable workspace program (20-year commitment, £13m subsidy value) featuring performance space, not-for-profit recording studios, and subsidized office space for Old Vic and Young Vic Theatres. Significant public realm regeneration of Emma Cons Gardens and surrounding streets (£1m voluntary contribution).

Status: Scheme under development; planning and community engagement phases advanced.