The site in Westminster Bridge Road will be revamped into a community hub which will include new facilities for local residents, charities and community groups.
SEW has been appointed as architects for the development. Design feasibility studies for the site are in progress and have included a range of options.
Oasis and United House will work with the local community, stakeholders and the London Borough of Lambeth to develop a scheme for the site. Following the consultation process, detailed plans will be produced and a formal application will be submitted to the London Borough of Lambeth and the GLA.
Jeffrey Adams, group chief executive of United House, said: “We are excited about the prospect of working with Oasis in Waterloo and with the Lambeth community. We look forward to assisting Oasis deliver its regeneration goals and transformational 20:20 Vision.”