Adopting the Innovative Contractor Engagement procurement method on the estimated $500M Bank Station Upgrade project has delivered 45% additional value through cost savings and improved benefits according to Transport for London. This has reduced the estimated final cost of the project by £61M and cut planned engineering closures by more than 22%.
David Waboso, London Underground’s Capital Programmes Director, 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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The upgrade of the station is set to be delivered in 2021 following the funding settlement agreed by the Mayor with government in the summer which, although challenging and requiring efficiencies to be found, has protected core investment in London’s transport infrastructure over the coming years.
Following a competitive tendering process, TfL awarded the contract for the Bank Station upgrade to Dragados SA in July this year. The other pre-qualified bidders were BFK Joint Venture, CVC Joint Venture and MBA Joint Venture.
The Bank/Monument station complex, located in the heart of the City of London’s financial district, is the fourth busiest interchange station on the Underground network with 98 million customers using the station in 2012/13.
This is set to increase in the coming years, so TfL is planning a major upgrade of the six-line interchange which will increase capacity and provide a step-free route between the Northern line platforms, Docklands Light Railway and street levels.