The developer has launched consultation on proposals that would bring together two hotels, purpose-built student accommodation, build-to-rent homes, offices, shops and leisure space on the prominent site next to Waterloo Station.

PLP Architecture has drawn up the new masterplan, which HB Reavis said could be delivered around three-and-a-half years after securing planning permission.

The developer previously pursued a more extensive 1.2m sq ft redevelopment of the site designed by architects AHMM.

The shift towards retaining existing structures will help to deliver a 75% cut in embodied carbon compared with demolition and new build.

Existing site and new PLP Architecture design to reboot One Waterloo scheme

The residential element will include BTR homes with 35% affordable housing, while 35% of the student accommodation will also be affordable.

HB Reavis said the student housing could free up the equivalent of around 300 private rented homes elsewhere in Lambeth.

The commercial element will include workspace with 10% offered as affordable space, alongside restaurants, shops and leisure uses.

Previously consented One Waterloo office scheme drawn up by AHMM

A major part of the redesign will involve opening up the existing Elizabeth House site, which currently forms a barrier between Waterloo Station and surrounding streets.

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Three new pedestrian routes are proposed alongside a new public square linking York Road, The Curve, Leake Street, the South Bank and the station.

HB Reavis Developments chief executive Steven Skinner said: “Our starting point has been the environment and community.

“By retaining the existing structure rather than demolishing it, we’ll save 100,000 tonnes of carbon, with less noise and disruption for local residents and businesses as a result.”

Public consultation is now under way ahead of a planning application submission in early 2027.