29-storey development planned for Waterloo’s Elizabeth House site

Chipperfield was selected in September 2010 by the site's joint owners Chelsfield and London & Regional Properties. Since then the architectural practice has produced a number of concepts for the site. The scheme was radically redesigned last summer after the proposals were presented to Mayor of London Boris Johnson who is said to have taken a keen interest.

Elizabeth House, which sits between York Road and the former Eurostar terminal at Waterloo, dates from the 1960s and was designed by John Poulson.

The current owners acquired the site after an earlier scheme by P&O – designed by Allies and Morrison and known as the 'three sisters' – was vetoed in 2009 by the then communities secretary John Denham.

The latest scheme, to be submitted to Lambeth Council this week, includes a 29-storey building at the northern end of the site with offices on floors 1 to 12 and 142 homes on 15 floors above.

The southern half of the site (towards Leake Street) would feature a 10-storey office building.

The developers are placing a strong emphasis on their plans to upgrade the entrance to Waterloo Station with the creation of a new 'Victory Arch Square'.

There are also plans for a new semi-public space on the ground floor of the larger of the two buildings with casual seating and public art. The architect have made comparisons with Tate Modern's turbine hall and the public spaces of Southbank Centre.

The offices could accommodate up to 8,500 workers and restore Waterloo's status as a major employment centre.

"Elizabeth House is located in the geographical centre of London and the design by David Chipperfield reflects the opportunity of producing a building that would make a difference for Waterloo," says Sir Stuart Lipton of Chelsfield.

"The regeneration of the site will be a pivotal moment in a pivotal location for rail users, for the arts world, for the local community and for Londoners – the plans will significantly improve the experience for the tens of millions of people who pass through the site each year."