The U.K. government has announced plans to spend £369 million ($458 million) to replace wiring and pipes on the property that are more than 60 years old. The overall design and exterior of the 775-room palace will remain the same.
“The project seeks to prevent a serious risk of fire, flood and damage to both the building and the priceless Royal Collection of art belonging to the nation,” the U.K. Treasury said.
The 10-year refurb is also expected to help improve visitor access.
The palace attracts millions of tourists each year. It has been the official London residence of the U.K.’s sovereigns since 1837.
The 10-year project will see the palace remain open and the Queen stay in residence throughout.
Officials that oversee the royal family’s annual funds have said the work is critical.
Parliament must still approve the project. That’s expected to happen by March 2017 with the most critical construction work to begin in April 2017.
Lawmakers might be sympathetic about the need for a royal refurb because their own landmark home — the Palace of Westminster — is also suffering from decay. The complex includes parliamentary buildings and the big ben clock tower.
A parliamentary committee recently recommended that the entire complex get a renovation, which would cost at least £3.5 billion ($4.3 billion). They warned about asbestos in the buildings, extensive stonework decay and plumbing problems.