I found the recording of "Down Waterloo Road" on an old reel-to-reel tape purchased at a car boot sale and was intrigued as to who was singing it. The search engine threw up this thread. It's performed like a "pub singalong". Other recordings, by other artists on the tape, were around the late 1960s. The lyrics are:

Walking down the street today
I met a girl across the way
I asked her where she's going
And she said come with me
She took me down this avenue
Where we met the folks she knew
We all stood round and chatted
At the time of day

Down Waterloo Road
Down Waterloo Road
Friday night Saturday
Any night any day
You'll find what you're looking for
Down Waterloo Road

She took me down this cellar
Where we met this happy feller
Playing ?cake-walks? on his guitar
All night long
His pickin it was scratchy
But his music was so catchy
We all got up and joined him
And we sang this song

Down Waterloo Road
Down Waterloo Road
Friday night Saturday
Any night any day
You'll find what you're looking for
Down Waterloo Road

La la la la la laa la la laa la
La la la la la la la la

La la la la la laa, la la laa la
La la la la la la la, la

Now the birds are cheeping
And we all feel kind of sleepy
The morning tide is rising
And the moon has gone
But still the feeling lingers
And still I hear the singers
As I walk along the avenue
I sing this song

Down Waterloo Road
Down Waterloo Road
Friday night Saturday
Any night any day
You'll find what you're looking for
Down Waterloo Road

La la la la la laa, la la laa la
La la la la la la la, la

La la la la la laa, la la laa la
La la la la la la la, la

Down Waterloo Road
Down Waterloo Road
Friday night Saturday
Any night any day
You'll find what you're looking for
Down Waterloo Road

(Chorus repeated three more times and fading out…)