The high-profile regeneration scheme was approved by four votes to two at a meeting of Lambeth Council’s planning committee last night.
The plan designed by David Chipperfield Architects is to replace the 1960s Elizabeth House with one 10-storey building and a 29-storey tower.
The 1.2m sq ft scheme will also create a new 100,000 sq ft public square in front of the station’s Victory Arch.
The 29-storey north building will provide office space on 12 floors and 142 new homes across 15 floors above.
The longer 10-storey south building will be solely for offices above ground floor shops.
Redevelopment plan for Elizabeth House
A new public square will be create opening access to Waterloo’s Victory Arch