[5] Construction of the new terminus had the desired effect, and the L&GR agreed to more reasonable terms; as a result the L&CR ceased using the station in March 1845,[6] though it retained running powers over the branch.

The SER leased the L&GR from 1 January 1845 and L&CR became part of the London, Brighton and South Coast Railway (LB&SCR) on 27 February 1846.

[9] Under a series of agreements of 1848 and 1849, the LB&SCR sold its inherited share of the facilities to the SER in 1849, whilst retaining the right to use the branch and to construct its own 15-acre (61,000 m2) goods depot on the site for an annual rent of one shilling (12d, 5p).

[6][10] In the early 1890s, the SER again proposed building an extension of the branch, but this time to Charing Cross and thence to Cannon Street; this plan was deferred circa 1894, and was not later proceeded with by the South Eastern and Chatham Railway Management Committee.

[11] The terminus building was designed by Lewis Cubitt with an imposing facade of yellow brick and stone that was topped by a bell tower with an illuminated clock and colonnades to the platforms.

The station was never commercially viable as a passenger terminus due to its location in a poor working-class neighbourhood on the Old Kent Road and its distance from the centre of London.

The LB&SCR inherited the L&CR running powers over the branch line and established their own independent goods facilities on the contiguous site at Willow Walk in July 1849.

[18] The LB&SCR facilities were enlarged in 1854 after the Brighton company entered into an agreement with the SER's rival, the London Chatham and Dover Railway to handle their goods traffic at the depot.

It operated for nearly 120 years, supplying locomotives and crews for goods and suburban passenger services, as well as the more prestigious express trains from London to the South Coast.

Once uncoupled from their coaches, locomotives from Charing Cross, Cannon Street and London Bridge stations usually ran tender-first down to the Bricklayers Arms' shed to be turned round on the large turntable, rewatered and recoaled.

When British Rail converted from steam to diesel traction in the 1960s the shed became surplus to requirements and closed down, but the goods sidings continued in use until 1981, when the whole complex was sold to developers.