Sir Robert McAlpine has secured a £133m contract to refurbish the Bank of England’s historic Threadneedle Street estate in the City of London, beating Bovis and Overbury to the four-year programme.
The project will upgrade and consolidate the Bank’s headquarters while the institution continues to operate, requiring construction work to be coordinated around its ongoing activities, security requirements and the heritage significance of the buildings.
The award follows a procurement process launched seven months ago, with the contract initially carrying an estimated value of £142m. Four tenders were submitted, with three contractors progressing to the final assessment stage.
The refurbishment will cover the replacement of core infrastructure, improvements to workplace floors and ground-floor areas, auditorium upgrades and basement works. The programme forms the central part of the Bank’s wider Location Strategy, which aims to improve the use and condition of its estate.
The age and condition of parts of the complex present particular challenges. Some areas have not undergone renewal since 1942, and the Bank has warned that previously unidentified conditions could emerge as work progresses. Investigating and addressing such issues will be an important part of planning and delivering the refurbishment.
The contractor will deliver the work in separate sections, with the detailed scope of each package to be developed during the pre-construction phase. Each section will require individual approval from the Bank, which retains the option to increase, reduce or omit elements of the programme.
Formal contract signing is scheduled for late November. The initial contract term will run until November 2030, with an option to extend for a further year.
