Lambeth Council is poised to update its planning policy to allow the prospect of a tall building up to 130 metres high on the site of the BFI IMAX cinema at Waterloo.

The BFI IMAX is one of eight sites in Waterloo identified as suitable for tall buildings in the updated Lambeth Local Plan which is due to be approved by the borough's cabinet next week.

If a plan for such a tower was to be put forward, it would be the tallest tower in Waterloo, of similar height to the London Eye (135 metres) or One The Elephant (125 metres).

The BFI IMAX opened in 1999 at the Bullring, formerly the site of Waterloo's notorious 'cardboard city'. The cinema's architect Bryan Avery died last year.

Waterloo sites identified by Lambeth as suitable for tall buildings

1. ITV site, Upper Ground (100m-105m AOD max) [planning permission in place]

2. Doon Street (110m AOD max) [planning permission in place]

3. BFI IMAX (130 AOD max)

4. Elizabeth House, York Road (north block 125m AOD, south block 55m AOD max) [new owners HB Reavis consulting on plans]

5. Waterloo Station (70m AOD max)

6. 99-119 Waterloo Road (Capital Tower / Mercury House) (60m AOD max)

7. Becket House, Lambeth Palace Road (60m AOD max)

8. Royal Street (50m AOD max) [proposals being worked on at present]

• The Lambeth Local Plan Review is on the agenda for Lambeth's cabinet meeting on Monday 15 October; papers available here.

• An update on the TfL/Lambeth Waterloo City Hub scheme to redesign the road junction around the BFI IMAX is on the agenda for this week's South Bank Forum meeting.