The memorial council bought land on the Chimes estate near Streatham Common, but lack of funding meant the ambitious scheme was not implemented.
The memorial was unveiled on 14 October 1922 by General Sir Charles Monro, 1st Baronet, with a dedication by the Anglican Bishop of Southwark, Cyril Garbett.
The memorial comprises a square column of white stone on a tapering base, topped by a life-size bronze statue of a soldier.
Plaques set into the paving in front of the memorial commemorate the award of the Victoria Cross to three men from the district: Frederick Henry Johnson, Geoffrey Cather and Alfred Fleming-Sandes.
The memorial is a contemporary sculpture by Ekkehard Altenburger erected in 2006 which takes the form of plain stone obelisk carved from Irish blue limestone from Kilkenny on a plinth of the same material inscribed with a quotation from a poem by Rohit Sapra: "Grief has no boundaries".