The developer has launched a public consultation on the scheme, which it said will have a range of uses including two hotels, purpose-built student accommodation (PBSA), BTR homes, retail, leisure, and workspace.

One Waterloo will also seek to achieve net zero carbon in construction and operation.

Compared with a demolition and new-build approach, the new retrofit-led One Waterloo proposals target embodied carbon cuts of 75%.

HB Reavis' retrofit strategy for One Waterloo will mean an expected delivery date of three and a half years following planning permission.

PLP Architecture, the global architecture and urban design practice behind the proposals, has reimagined the existing building to reduce engineering complexity and minimise disruption next to Waterloo station.

Three new pedestrian routes to connect Waterloo station are central to the plans.

Currently, Elizabeth House acts as a barrier between the station and the surrounding area.

The proposals would open up the site, introduce a public square and provide new pedestrian routes between York Road, The Curve, Leake Street, the South Bank and Waterloo station.

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Revitalising the station frontage, the proposals also feature new shops, restaurants and leisure spaces to create an active streetscape and a welcoming destination to stimulate activity throughout the day and evening.

Once complete, One Waterloo is expected to support over 1,000 new jobs in restaurants, hotels, offices, startups, among other sectors. It would secure long-term investment in a strategically important part of Lambeth.

Steven Skinner, chief executive at HB Reavis Developments, said: “Waterloo is one of the most exciting places in central London.

“We have spent a long time looking closely at the site and what this part of Lambeth really needs.

“We are excited to share our ideas for a mixed-use scheme, including new homes, workspaces, shops and places for people to come together that will make this a genuine destination.

“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. But this only works in partnership with the people who already live and work here.

“That means leaving them better off through long-term jobs supported by the new workspaces, shops and hospitality, and real opportunities for local businesses.

“Which is why we're encouraging people to come along to our consultation events and help shape what One Waterloo becomes.”