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Fri September 24 2021

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Dragados shaves £61m from Bank station upgrade costs

2 Oct 13 Early contractor involvement is bearing fruit on a £500m London Underground station project, three years before the likely start of construction.

New Bank station
New Bank station

Transport for London (TfL) has launched the public consultation process on its plans for upgrading the Bank/Monument station complex in the City of London. This is an intersection of six lines that currently copes with 98 million passengers a year and rising.

TfL is planning to increase capacity and provide a step-free route between the Northern line platforms, Docklands Light Railway and street levels.

Dragados was appointed in July as main contractor for the £500m project and, together with TfL, has already reduced the estimated final cost of the project by £61m and cut planned engineering closures by more than 22%.

TfL said that it had reduced cost “by taking a new approach to procurement that rewarded innovation throughout the supply chain”.

It said: “Adopting this method on the Bank project has delivered 45% additional value through cost savings and improved benefits.”

According to the plans, new tunnels will be built from beneath properties along the south west side of King William Street. There will be a construction site bounded by King William Street, Nicholas Lane, Cannon Street and Abchurch Lane. This requires the purchase and demolition of all the existing properties between these roads.

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There will also be a construction site occupying the roadway in Arthur Street, for the duration of the works.

TfL plans to apply for a Transport & Works Act Order next summer 2014. There may then be a public inquiry. If the order is granted, this is likely to be in early 2016.

TfL is targeting project completion in 2021.

London Underground capital programmes director David Waboso said: “Bank is a key interchange for our customers and it's vital that we keep pace with the increase in demand we're seeing now and in the future.

“We've adopted a new innovative approach to developing the Bank proposals which has allowed us to incorporate innovations through market competition. Now we want our customers' views on our plans so that we create a modern Tube interchange that works for Londoners.”

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