In message , Paul Scott
writes
"Paul Terry" wrote in message
...

I think the work is actually to make such a view possible - the
redevelopment of Elizabeth House is allowing the creation of "Victory
Arch Square" in front of the station:

http://www.london-se1.co.uk/news/view/6413

That is only reporting planning permission granted though...

True, but according to http://elizabethhousewaterloo.co.uk/delivery.htm
the demolition of Elizabeth House (which abuts the Victory Arch) is due
to start before the end of this year.

In addition, the OP mentioned that the work appears to be cutting deep
into the fabric of the arch. I wonder if this might be preliminary work
for the new step-free access to Waterloo International, which it appears
will be cut through the currently blank north face of the arch in the
picture on the front of:
elizabethhousewaterloo.co.uk/pdf/elizabeth_house_newsletter2.pdf
--
Paul Terry