The Carlyle Group will this week submit a planning application for a large-scale redevelopment of the Ludgate House and Sampson House sites close to Blackfriars Bridge.
The proposals – designed by PLP Architecture – include a 48-storey tower on the Ludgate House to flank the recently-approved One Blackfriars tower on the opposite side of Blackfriars Road.
Carlyle Group claims that its scheme will create 492 new homes and jobs for more than 3,700 people.
The proposals include 35,000 sq ft of new public open spaces, 25,000 sq ft of retail and 18,500 sq ft for cultural use.
The developer says its its scheme will break down the barrier created between the South Bank and Bankside by the two existing office blocks and the railway line between them.
"This is a once-in-a-lifetime opportunity to truly regenerate and reinvigorate a large, important and extremely well located, but underutilised, site right on the River Thames," says Mark Harris, managing director of The Carlyle Group.
"Our aim is to create a new and vibrant destination area through a phased, deliverable regeneration project that will deliver many new, and much needed, homes for London's workforce, and bring thousands of jobs to the area.
"Carlyle is known internationally for its ability to deliver successful and high quality schemes, and is ideally placed to undertake the redevelopment in consultation with local stakeholders.
"We plan to replace the existing impermeable block structures with a new, highly accessible urban quarter complete with new residential, retail and office facilities, as well as cultural centres and large new public spaces right on the riverbank.
"We are also very excited by the prospect of reopening east-west access by reinstating historic walkways, while at the same time helping to create a landmark physical gateway into Southwark."
The proposed development comprises nine new buildings of between five and 48 storeys in height, with residential to the north and office buildings to the south.
Three of the new buildings will be on the western side of the site, where the existing Ludgate House (the former Daily Express HQ) stands, with the remaining six constructed on the eastern location where the Sampson House block currently stands.
If the scheme is approved by Southwark Council it is likely to take around a decade to reach completion. UBM is due to move out of Ludgate House to its new offices at 240 Blackfriars in 2015 and IBM's lease at Sampson House does not expire until 2018.
It is anticipated that works will completed between mid-2020 and early 2023.
• Find out more at www.ludgateandsampson.com