The £400,000 project will start immediately and be delivered on behalf of the Herne Velodrome Trust as part of Southwark Council’s Olympic Legacy Project.
Herne Hill Velodrome was built in the 1890s and is one of the last remaining venues from the 1948 London Olympics.
Michael Conway, CEO, FM Conway said: “Herne Hill Velodrome is an important part of the UK’s sporting history and I am delighted that we can play a leading role in its future by transforming it into a high-quality cycling venue which can be used by the whole community.”
Hillary Peachey, Chair of the Herne Hill Velodrome Trust, said: “These works mean we can offer more children, from more diverse backgrounds, an opportunity to learn track cycling.
“There will be more sessions for women to take up riding, and more time for non-conventional and less able cyclists to discover the freedom of riding in a safe and welcoming environment.
“And we can at last offer better facilities to those elite riders who train and race at Herne Hill, inspiring the next generation.”