HB Reavis has launched a public consultation on plans to transform Elizabeth House beside Waterloo train station into a mixed-use scheme combining hotels, homes, student accommodation, offices, retail and leisure space.

The developer said its One Waterloo proposals have been designed around a retrofit-first approach that would retain much of the existing structure rather than demolish and rebuild it, cutting the scheme's embodied carbon by 75% compared with a conventional redevelopment.

The plans are the latest attempt to reposition the long-troubled Elizabeth House, which sits immediately alongside one of London's busiest transport hubs. HB Reavis said the redevelopment would create a new gateway between Waterloo station and the South Bank, while reducing construction disruption around critical transport infrastructure. Previously, a 1.2M SF new-build office was planned.

The scheme is targeting net zero carbon in both construction and operation, with HB Reavis estimating that retaining the existing structure could save around 100,000 tonnes of carbon.

PLP Architecture has redesigned the existing building around the retrofit strategy, with the developer targeting completion around three and a half years after securing planning permission. The proposed development would include two hotels, purpose-built student accommodation, build-to-rent housing, workspace and a mix of shops, restaurants and leisure.

The student scheme would include 35% affordable accommodation. The proposed BTR element would also include 35% affordable homes, while 10% of the workspace would be designated as affordable space for small and medium-sized enterprises.

HB Reavis added that three new pedestrian routes would link Waterloo station with York Road, The Curve, Leake Street and the South Bank, include a new public square, and open up the station frontage, with shops, restaurants and leisure spaces.

“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,” HB Reavis Developments CEO Steven Skinner said in a statement.

The consultation comes before the submission of a planning application, with HB Reavis asking residents, businesses and visitors to comment on the proposals.