CSLR

Yes, that is the carriage and loco lift that was installed to replace the incline. The lift shaft was oval in shape and also contained a spiral staircase. Interestingly, when the lift was installed, they left the incline tunnel in place and just blocked it off at the top with a wooden buffer that could be raised and lowered on a counter-balanced guillotine type arrangement; I think they were worried that the lift might break down one day.
The lift was never really used much in everyday service as trains were stabled undergound. Locos and carriages only came to the surface for major repair or maintenance.
In the background to the left is the old generating station for the railway.
As the text says, the lift really found a use during the reconstruction when it was used to raise a lot of the spoil from the works in specially built four wheel wagons (one of these wagons is preserved by LTM).
This site of the depot was slightly sub surface. After it was closed the ground level was raised and several blocks of flats were built in its place. One of the boundaries of the flats is marked to this day by the original retaining wall of the depot which is in line with the back wall of the generating station and is just hidden by the locomotive in the photograph.