The contractor has been selected to deliver a four-year programme to refurbish and consolidate the Bank of England’s historic headquarters while maintaining day-to-day operations.
The appointment follows a procurement process launched seven months ago, with the contract initially valued at £142m. Four tenders were submitted, and three contractors progressed to the final evaluation stage.
McAlpine’s scope of work will cover the replacement of core infrastructure, refurbishment of workplace floors and ground-floor areas, auditorium upgrades and improvements to basement facilities.
The project is a central part of the Bank’s wider Location Strategy and presents the challenge of carrying out major construction works within a secure, heritage-sensitive estate that must remain operational throughout the programme.
Some parts of the estate have not undergone renewal since 1942. The Bank has previously warned that previously unidentified conditions could be uncovered as construction progresses.
The programme will be delivered in separate sections, with the final scope of each package confirmed during the pre-construction phase. Every section will require individual approval from the Bank, which reserves the right to increase or reduce the scope of work or remove packages altogether.
The formal contract is expected to be signed in late November. The initial contract term will run until November 2030, with an option to extend the programme by a further year.
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