The contractor beat rival bids from Structure Tone and Wates to secure the job with Oxford Properties and Hines to deliver the refurbishment, extension and full turnkey tenant fitout of the City landmark.

David Cadiot, chief executive officer at Bovis, said: “Having successfully completed the original building in 2003, it’s a real privilege to return and transform it into what will not only become best-in-class accommodation but also a new tourist destination for the City.”

A centrepiece of the 10 Paternoster Square overhaul is the reworking of the Stock Exchange’s ceremonial core.

For the first time, daily market opening and closing ceremonies will be visible to the public through a new glass atrium, allowing visitors to observe and participate in events that have traditionally taken place behind closed doors.

Plans also include new roof extensions, an events pavilion and a series of terraces and balconies with panoramic views across to St Paul’s Cathedral.

The scheme is targeting BREEAM Excellent and NABERS 5* ratings. More than 95% of the existing structural frame and façade will be retained under circular economy principles, significantly reducing embodied carbon.

Completion is targeted for the end of 2028.

The project team includes architect, Carter Gregson Gray; quantity surveyor, Gardiner & Theobald; structures, WSP; MEP, Watkins Payne.