Plans drawn up by Weston Williamson and Partners for the £25m project have gone out to public consultation.

The station gateway project will also include developing space around the station area for commercial use and creating a new square in front of the Grade 2 listed building, which has been hidden for many years.

Arcade buildings around the station will be demolished to make way for two new buildings sat above existing railway arches.

Network Rail’s director of planning and land services, Tom Higginson, said: “With improved services to Peckham Rye station now running, we’ve got the perfect opportunity to invest in the station area with Southwark Council.

“We, and our partners, will be listening to the people of Peckham in drawing up a plan to benefit the area and help boost existing and new business.”

Cllr Fiona Colley, Southwark Council’s Cabinet Member for Regeneration and Corporate Strategy, said: “This long-awaited redevelopment has the potential to dramatically improve people’s experience of visiting or doing business in Peckham town centre, and I hope lots of local people will take advantage of the opportunity to influence these exciting plans.”

Weston Williamson’s architect said: “We very much look forward to presenting and discussing the design with the community at the forthcoming consultation events and receiving feedback on the proposals for this significant project at the very heart of Peckham.”