Up to 135,000 sq ft of space on the site will be redeveloped into a £200 million retail, leisure and cultural hub, creating around 700 full-time jobs.
The project is being spearheaded by developer LCR.
Approximately 40 new glass-fronted units will be created across three floors, including a new mezzanine level, and will sit below the existing platforms.
The scheme forms part of the wider redevelopment of Waterloo Station, where Network Rail is increasing capacity by bringing five former Eurostar platforms back into use for suburban trains.
Duko Frankhuizen, development manager at LCR, said: "This development will create a major new mixed-use retail and social space on the South Bank that reflects the independent and creative spirit of Waterloo. Our vision is for a destination that is progressive and unique to this part of London, with a vibrant mix of independent and high street stores, complemented by an exciting food and drink offer.
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"Waterloo is the UK's busiest station serving over 100 million passengers each year. With ISG onboard the development will give the former Eurostar terminal, which has been out of use for almost a decade, a new lease of life as part of a vibrant new shopping, cultural and leisure destination for Waterloo and the South Bank."
Steven McGee, managing director of ISG's Construction South business, added: "Securing this transformational project at Waterloo marks a significant milestone for ISG, as we approach 11 years since we delivered a project in excess of £90 million to fit out St Pancras Station, which included the new London terminus for Eurostar, retail and hospitality space and back of house facilities.
"This exciting redevelopment of Waterloo Station, the original home of Eurostar, utilises our knowledge and expertise delivering complex, live environment schemes within international transport hubs, alongside our credentials as the UK's largest retail contractor – most recently completing the new Icon outlet centre at The O2. We understand the importance of this scheme for one of London's busiest stations and its passengers, but also within the wider South Bank context, providing a high-quality retail destination that signals the next chapter in Waterloo Station's development."
Work will begin onsite in April 2019, with completion expected in early 2021.
(CM)
