Following the agreement, plans will be prepared to transform the spaces by the iconic BFI IMAX Cinema, into vibrant cultural venues by the team who created the successful Flat Iron Square and operate Vinger Yard in neighbouring Southwark and Hackney Bridge in Hackney Wick. The venues are expected to be opened in phases from Christmas 2025.
Councillor Marcia Cameron, Cabinet Member for Economic Inclusion, said: “We’re moving forward with plans to improve the wider Waterloo area, transforming this cultural hub into a more accessible, welcoming, and thriving space.
“One key initiative is bringing underused areas—like the undercrofts—to life as part of our Nighttime Strategy. This will help expand Waterloo’s vibrant late-night scene and support the local economy by creating new cultural spaces.
“This project will also deliver vital public improvements to the underpasses, including better lighting, and clearer signage. These changes will help reduce anti-social behaviour, particularly at night, and enhance the overall experience for both residents and visitors.”
Through the undercroft activation, there will be numerous jobs and skills opportunities for Lambeth residents and young people to deliver a food court, event space and bar area that can accommodate up to 1200 visitors.
The project forms part of the Council’s wider cross-collaboration Waterloo Station vision, which sets out a series of long-term aspirations to deliver improvements to both the station and the wider area that will make it easier and safer for people to move around, promote active travel and support the local economy.
Lambeth council is also currently working with local stakeholders to improve the experiences of visitors, residents and employees moving through the area and coupled with additional cleaning, greening and a new wayfinding strategy for Waterloo and Southbank, which will address the complexities of navigating the underpasses.
If you are interested in working with Thrale Investments on this project in Waterloo, please email neil@vinegaryard.london for more information.
