The Bank of England has kicked off the hunt for a main contractor to deliver a £142m overhaul of its historic Threadneedle Street estate in the City of London.

The job forms the core of the Bank’s wider Location Strategy project and will see a major consolidation and refurbishment programme rolled out across the secure and heritage-sensitive site in a live working environment.

Contractors are being lined up for a phased delivery approach covering everything from enabling works through to full infrastructure replacement and internal refurbishment across multiple building sections.

Scope will flex as the job progresses, with the Bank retaining tight control over which work packages are instructed.

Works will span:

• preparatory and enabling works
• replacement of core infrastructure
• ground floor and public-facing areas
• auditorium upgrades
• workplace floors
• basement works

The contract is expected to run from November 2026 through to October 2030, with a possible one-year extension.

The Bank has flagged significant delivery risk tied to the building’s age, with parts of the estate not being renewed since 1942, meaning unknown conditions could emerge once works begin.

Bidders face a rigorous three-stage competitive flexible procedure with five firms shortlisted after the initial stage, cut to three for negotiations before best and final offers are submitted.

Evaluation will be weighted 30% on cost, with the remaining 70% focused on quality — heavily skewed towards managing construction in a live, secure heritage environment, alongside cost certainty, programme control and supply chain strength.

The Bank has also left the door open to directly award follow-on works tied to the programme.

Firms must first sign a non-disclosure agreement to access tender documents, reflecting the sensitive nature of the site.

Deadline for submissions is 15 May, with a contract award expected in October.

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