The Bank of England has selected Purcell, a heritage architecture specialist that made this year's RIBA Stirling Prize shortlist, to lead a comprehensive renovation and consolidation project of its historic Threadneedle Street headquarters. The firm, which earned recognition for its restoration of Westminster's Elizabeth Tower, will work alongside LOM Architecture, AECOM, and Arup on the ambitious overhaul.
The $7.5 million contract encompasses architectural design services across all RIBA work stages for the renewal and future-proofing of the bank's Grade I-listed headquarters in the heart of London's financial district. While the complete shortlist for this incredibly complex project has not been made public, sources indicate that Purcell was chosen ahead of several prestigious firms including Foster + Partners, BDP, Bennetts Associates, and HawkinsBrown.
The project, scheduled to run until September 2029, will require numerous sensitive interventions within the secure and historically significant building. Key components include upgrading existing infrastructure, replacing end-of-life heating, pumping and ventilation systems, and reimagining current office layouts to create additional workspace. This expansion will enable the institution to vacate its offices in Moorgate, consolidating its London operations.
The Threadneedle Street building carries significant architectural heritage, having been originally designed by John Soane and completed in 1833. It underwent major redesign by Herbert Baker in the 1930s and last received substantial renewal in the 1990s. The site occupies a prominent location overlooking the William Tite-designed Royal Exchange and the Mansion House by George Dance the Elder. Notably, the bank's underground vaults hold approximately 400,000 bars of gold, valued at over $200 billion.
In its original tender brief, the bank emphasized the unique challenges of the project, stating that "the supplier will need to adapt to the bank's chosen delivery model and deliver at all times recognizing the Threadneedle Street building is an operational, historically significant building and a secure environment." The comprehensive scope includes design development and coordination, ensuring regulatory compliance, stakeholder collaboration across design disciplines, feasibility studies, technical drawings and documentation, and construction oversight.
The selection process evaluated bids based on 30 percent price and 70 percent quality criteria, with quality further divided into project approach and team (28 percent), design ethos and strategy (24 percent), and design delivery and practicality (18 percent). Purcell's extensive experience with landmark buildings proved decisive, as the firm was also shortlisted for the Stirling Prize last year alongside Jamie Fobert Architects for its renovation of London's Grade I-listed National Portrait Gallery.
Vivienne Grafton, executive director of central operations at the Bank of England, explained what distinguished the winning team: "We were delighted with the tender response, with over 20 submissions for what will be an incredibly complex project. The team curated by Purcell brought a blend of all the things that are key to success: awareness of secure facilities, designing for delivery in operation, and contemporary workplace design, all within the envelope of a Grade I-listed building."
Regarding the project's challenges, Grafton emphasized that this represents "an opportunity to breathe new life into a legacy building, not through radical reinvention, but through thoughtful, intelligent transformation." She noted that the Bank of England serves multiple functions as a workplace, a site of public engagement through financial literacy campaigns and the Bank of England Museum, and a central part of the City of London's identity.
The focus will primarily be on internal refurbishment and adaptive reuse rather than extensive new construction. The majority of investment will target core infrastructure upgrades, system replacements, and reimagining existing spaces to support contemporary working methods. Any new-build elements will be limited and carefully considered, respecting the building's heritage and planning constraints.
Grafton indicated that the bank is exploring opportunities to increase public access while maintaining necessary security measures. "We are an institution that answers to the people of the United Kingdom through Parliament, so it feels appropriate to strive to engage more with the public where possible," she stated.
The Bank of England expects the investment to generate significant long-term savings, allowing the entire program to pay for itself within 20 years while ensuring the building can serve the institution well into the future. By consolidating its London estate, the bank aims to reduce long-term costs and use resources more effectively. The project team includes AECOM as project manager, Arcadis as cost consultant, and Arup as engineering expert, with close oversight from the bank's board throughout all stages of development.
