Home Estate Planning Bank of England racks up £20m maintenance bill for iconic headquarters

Bank of England racks up £20m maintenance bill for iconic headquarters

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The Bank of England has reportedly spent more than £20m on maintenance-related contracts for its Grade I-listed building since last September.

Financial News reported that, based on analysis of its contract portal, the central bank had spent £7m on vents, £3.7m on pipes and £1.9m on cables for the iconic headquarters.

Cleaning costs for the Bank are reportedly £1.7m per year, according to one contract, while its brass doors are said to cost almost £90,000 a year to maintain.

The Bank moved to its home on Threadneedle Street in 1734, which was designed by architect George Sampson. It gradually bought surrounding properties in the 3.5-acre area over the next century.

“Threadneedle Street is a historic building with Grade I listed status,” said a Bank of England spokesperson.

“As a result it requires regular maintenance to ensure it is safe, secure and fit for purpose for staff and visitors. All maintenance contracts that we award will aim to achieve value for money through a fair and open procurement process.”

The Bank has also faced the challenge of modernising its premises to cope with an increase in staff.

Other costs include £186,000 on Grade I-listed building surveys, £46,000 on architectural design services and £245,000 on refurbishing a ventilation unit. Lift maintenance alone saw a £447,000 bill.

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