The deal will see the trio collaborate on a long-term redevelopment vision for London’s fourth busiest rail hub and its surrounding neighbourhood.

The scheme aims to transform the station and improve the wider area’s public spaces, access, and investment appeal while backing Lambeth’s drive for more homes and business space.

Architect Grimshaw has designed the outline revamp plan, which includes opening up boarded-up railway arches, a new southern station concourse and a large mansard rooftop extension along the station front entrance.

Underutilised undercrofts to be opened up to improve passenger flows

Robin Dobson, group property director at Network Rail, said the joint plan would “unlock huge growth and investment opportunities” across Waterloo and the South Bank.

Graeme Craig, chief executive at Places for London – Transport for London’s property arm – said the project would ensure passengers get the very best London has to offer at the historic hub.

The entire project is anticipated to span 10 to 15 years, aiming to minimise public expenditure by leveraging private sector partnerships and commercial developments.