A new underground food market is coming to Waterloo

Right now, the labyrinthine undercrofts beneath Waterloo Bridge are a bit drab, dark, and (since they’re largely used as open-air lavatories) pretty stinky. And if you’ve ever travelled through them to get to the BFI IMAX, you’ll know that it can be easy to get lost in them, too. But finally, they’re going to get a much-needed makeover

The underpasses were once owned by the Southbank Centre but sold to Lambeth Council in 2021, which has been after a tenant to rent the space and help transform it ever since. This week, the council agreed to lease the unused subterranean roundabout to the same people behind Flat Iron Square, Vinegar Yard and Hackney Bridge in Hackney Wick – Thrale Investments. That means that a vibrant food market will arrive there very soon. 

The layout of the market, sketched out in the planning application, features two bars, several events spaces and a large food court, accommodating up to 1,200 punters.  It’s hoped that the space will start opening in phases from Christmas 2025 and will stick around for at least 10 years. Here’s an idea of what it could look like. 

Councillor Marcia Cameron, the 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.’

Lambeth Council is also in talks with local stakeholders to improve the visitor experience around the new venue. As part of the plans, the council wants to make it easier for people to find their way around the tunnels and says that it intends to introduce a better wayfinding strategy – ie. improve the maps and signage in the area. 

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