The future of Waterloo Millennium Green as a community-managed open space has been secured following Lambeth Council's decision to grant a long lease to Bankside Open Spaces Trust.
"Open space is particularly important to people like myself who don't have gardens," Cllr Sally Prentice, Lambeth's cabinet member for culture and leisure, told Tuesday night's Waterloo Open Spaces Partnership forum at the Royal Festival Hall.
"Lambeth is trying to think of new ways to deliver services, working with you as equal partners.
BOST took over the management of Millennium Green in 2009 when the Waterloo Green Trust ran into funding difficulties.
Tuesday's WOSP forum also heard news of the imminent restoration of the popular water feature at
BOST chair Tim Wood said: "BOST is immensely grateful for the section 106 funding that has made the renovation of the water feature possible, and for the hard work of our staff, Lambeth Council and the Waterloo community in helping us get to this point."
Helen Firminger, director of BOST, added: "The waterfall at Waterloo Millennium Green is an amazing resource to discover in the middle of Waterloo but a very expensive one.
"BOST thought long and hard and consulted widely over whether this is the best use of public money.
"We received the resounding message from our consultation programme, from the steering group and from independent comments that the water feature is vital and valued in the local landscape.
"I'm more than delighted to say we will have our contractors on site on Monday."