Plans to regenerate Waterloo Station and the South Bank neighbourhood have taken a step forward with the formation of a strategic partnership between Network Rail Property, Places for London and the London Borough of Lambeth.

The creation of the new partnership follows the Waterloo Station Vision, published last year, which set out a series of long-term aspirations for both the station and the wider area.

Network Rail says London Waterloo Station is the fourth busiest station in Great Britain. Located next to the cultural hub of the South Bank and home to major organisations including St Thomas’s Hospital, The Old Vic, Southbank Centre and BFI Southbank, it says London Waterloo Station needs to serve and connect a growing workforce for the capital, alongside the growth for tourists and leisure customers during weekends and holidays.

The partnership will look at ways to deliver a new station destination, improving the customer experience within and around the station environment and forms part of a wider regeneration plan.

Working closely with key stakeholders and the local community, future regeneration will improve wider permeability, create open spaces, alongside bringing forward the widest range of development and investment opportunities.

The plans will be brought forward in a series of phases, working with both private and public sector partners.

Robin Dobson, group property director Network Rail, said: “This is a great step forward in combining both our resources and assets across Waterloo and South Bank.

“We will work with neighbouring partners to deliver a regeneration plan that unlocks huge growth and investment opportunities across the borough, delivering the widest mix of uses and something very special for this important part of London for future generations to come.”

Graeme Craig, director and chief executive of Places for London - Transport for London’s wholly owned property company - added: “Millions of people pass through Waterloo every year to work and explore the South Bank and beyond.

“Through this new collaboration, we can ensure those customers are getting the very best London has to offer as they travel through this historic transport hub. This a great opportunity for Places for London to work with Network Rail and the London Borough of Lambeth to provide a new and improved vision for the community and all who come to Waterloo."