It's all change at Waterloo

Waterloo is undergoing its biggest facelift in almost a century with 1,000 new homes planned in the area.

The proposals will see the iconic Shell Centre remodelled, with some 800 apartments in a series of new blocks around its main tower plus offices, shops, restaurants and cafés. Elizabeth House, a 16-storey Sixties eyesore on York Road, will be torn down and replaced with a new, 29-storey tower designed by architect David Chipperfield containing shops, offices and almost 150 homes.

Experts predict that these projects will re-energise this unloved section of the South Bank and turn the area into a prime property hotspot.

Ed Lewis, head of Savills London development team, said: “I imagine they will have fantastic views, and unlike some other locations by the river they will also have brilliant transport links. This is a fantastic opportunity moving forward to rediscover this area.”

Lewis believes the properties will be priced at around £1,750sq ft – so even a modest sized 600sq ft property would cost over £1million. “They will be right up there with prime developments – but not quite uber-prime,” he said.

The Shell Centre scheme is being led by developers Qatari Diar (which is also behind the controversial Chelsea Barracks redevelopment) and Canary Wharf Group. They spent a £300 million on buying an option on the site last year. Their plans, by leading architects Squire & Partners, will preserve the Shell Tower and create the eight new buildings around it. A planning application is expected later this year and work could begin on site in 2013.

The £600 million plan to replace Elizabeth House is being led by developers Chelsfield and London & Regional Properties, to a design by architect David Chipperfield. Its plans include a 10,000sq m piazza beside Waterloo station, 142 homes of one to four bedrooms, and offices. It is hoped that work will begin on site next year/2013 and be completed in 2016.