P&O unveils Waterloo redevelopment

Computer-generated image of the proposed new building, as shown on ITV1's London Today programme

P&O proposes to demolish the 1960s Elizabeth House and replace it with a dramatic 33-storey building in the shape of a sail.

The plan also entails the restoration of the Portland stone arch that commemorates London railway workers who died in both world wars, and a reorganisation of the traffic scheme and pedestrian access to the station.

York Road will be rerouted nearer to the station to create an extra entrance and a pedestrianised mall.

A P&O spokesman told the Evening Standard: "Elizabeth House is a very large and relentless building that completely hides the station and sits in an island of roads."