The development designed by architects AHMM will include a new Bauhaus-inspired block which will house the student element.

The site previously had planning permission for a 220,000 sq ft office scheme.

Scott Anderson, Head of Property Development at Places for London, said: “Designed to preserve the architectural heritage of the station and aiming for the highest of sustainability standards, our plans with Helical will bring new homes and provide real benefits for London.

“We’re proud to be providing improvements to the local community through new high-quality and affordable homes and student accommodation which will help to alleviate pressure on the housing market in the area.”

Matthew Bonning Snook, CEO of Helical plc, added: “Whilst the site benefitted from planning permission for a 220,000 sq ft office scheme we have brought forward a more valuable proposition at this important site which will deliver much in demand purpose built student accommodation and affordable housing along with high quality public realm and significant benefits to the local community.”

The Southwark over station development is the one of three initial sites that Places for London and Helical are delivering as part of the Platinum Portfolio joint venture.

A 140,000 sq ft office building at 10 King William Street is underway, and is due for completion in December 2026 while another office development of 235,000 sq ft at Paddington is progressing and due to start early next year.