Southbank Centre is working on plans to turn 31,000 sq ft of unused space under the southern end of Waterloo Bridge into a new complex of artists' studios, galleries and cafes.
The Greater London Authority this month agreed funding of up to £45,000 towards a feasibility study into the plans for the unused space under the Waterloo Bridge approach between the BFI IMAX and Belvedere Road.
"The Southbank Centre's Waterloo Bridge Undercrofts project offers the opportunity to improve connectivity between interchange, cultural facilities, regeneration schemes and the new highways layout by activating approximately 31,000 sq ft of unused space under the southern end of Waterloo Bridge," says the City Hall report signed off by Fiona Fletcher-Smith, executive director of development, enterprise and environment.
The report continues: "The Southbank Centre wishes to expand its activities in the visual arts, including the promotion of work by young and emerging artists. This would include the provision of affordable artist studio space along with affordable gallery space for display and promotion.
"Some commercial gallery space and associated retail or cafe uses could help to subsidise the affordable elements.
"The Southbank Centre has undertaken some initial work to establish the potential to develop the Waterloo Bridge undercrofts.
"This commissioning fund project proposes to use up to a maximum of £45,000, together with £10,000 from the Southbank Centre to fund a detailed feasibility study."
Any plans to develop the undercrofts would be linked to Transport for London's scheme to remodel the IMAX roundabout.