Buckingham Palace is getting a $460 million makeover

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Buckingham Palace is about to get a whole lot more palatial.

On Friday, the U.K. government approved a $460 million, 10-year palace renovation plan that is expected to add a multi-billion pound boost to the British economy. The makeover will include restoring water pipes installed after World War II, as well as electrical wiring and the heating systems, so as to prevent fire risks and flood damage.

WATCH: Queen Elizabeth Scolds Prince William on Buckingham Palace Balcony

The decade-long overhaul aims to improve visitor access, and will be done in phases so that the palace can remain fully functional.

"Tourists are drawn to this country because of our culture, heritage and royal legacy, and when they visit they spend billions of pounds and support thousands of jobs," Chief Secretary to the Treasury David Gauke said in a statement.

See photos of Buckingham Palace and Queen Elizabeth II:

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Queen Elizabeth II and Buckingham Palace through the years
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Queen Elizabeth II and Buckingham Palace through the years
LONDON, ENGLAND - MAY 27: Queen Elizabeth II and Prince Philip, Duke of Edinburgh leave Buckingham Palace in the Diamond Jubilee State Coach to travel to the Houses of Parliament for the State Opening on May 27, 2015 in London, England. (Photo by Chris Jackson/Getty Images)
LONDON, ENGLAND - MAY 27: Queen Elizabeth II leaves Buckingham Palace in the Diamond Jubilee State Coach to travel to the Houses of Parliament for the State Opening on May 27, 2015 in London, England. (Photo by Chris Jackson/Getty Images)
Britain's Queen Elizabeth II (C) walks to meet guests at a garden party held at Buckingham Palace, central London on May 12, 2015. AFP PHOTO / POOL /John Stillwell (Photo credit should read JOHN STILLWELL/AFP/Getty Images)
LONDON, ENGLAND - JUNE 13: Prince George of Cambridge is held by Prince William, Duke of Cambridge as Catherine, Duchess of Cambridge, Prince Harry and Queen Elizabeth II look out on the balcony of Buckingham Palace during the Trooping the Colour on June 13, 2015 in London, England. . The ceremony is Queen Elizabeth II's annual birthday parade and dates back to the time of Charles II in the 17th Century when the Colours of a regiment were used as a rallying point in battle. (Photo by Chris Jackson/Getty Images)
Britain's Queen Elizabeth II (L) and Prince Philip, Duke of Edinburgh (R) ride in The Queen's Carriage during the Queen's Birthday Parade, 'Trooping the Colour,' from Buckingham Palace to Horse Guards Parade in London on June 13, 2015. The ceremony of Trooping the Colour is believed to have first been performed during the reign of King Charles II. In 1748, it was decided that the parade would be used to mark the official birthday of the Sovereign. More than 600 guardsmen and cavalry make up the parade, a celebration of the Sovereign's official birthday, although the Queen's actual birthday is on 21 April. AFP PHOTO / BEN STANSALL (Photo credit should read BEN STANSALL/AFP/Getty Images)
Britain's Queen Elizabeth II (C) arrives back at Buckingham Palace from Horse Guards Parade in a horse-drawn carriage preceeded and followed by marching guardsmen and other members of the royal family including Prince Charles, Prince of Wales (CL) riding beside the arriage during the Queen's Birthday Parade, 'Trooping the Colour,' in London on June 13, 2015. The ceremony of Trooping the Colour is believed to have first been performed during the reign of King Charles II. In 1748, it was decided that the parade would be used to mark the official birthday of the Sovereign. More than 600 guardsmen and cavalry make up the parade, a celebration of the Sovereign's official birthday, although the Queen's actual birthday is on 21 April. AFP PHOTO / BEN STANSALL (Photo credit should read BEN STANSALL/AFP/Getty Images)
LONDON, ENGLAND - DECEMBER 9: Queen Elizabeth II receives The Ambassador of Georgia Dr Revaz Gachechiladze and Mrs Mzia Marsagishvili as he presents his Letter of Credence at Buckingham Palace on December 9, 2014 in London, England. (Photo by Anthony Devlin - WPA Pool/Getty Images)
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"We must ensure that the special architectural and historic nature of some of our greatest buildings are protected for future generations, therefore it is only right we ensure Buckingham Palace is fit for purpose," Gauke continued. "These urgent works have been properly costed and will ensure the Palace can continue its centuries-long tradition of being the working house of our Monarch. We will ensure every penny spent achieves the greatest value for money."

The renovation will be funded by a 10 percent temporary taxpayer increase of the Sovereign Grant which funds Queen Elizabeth's official duties.

MORE: Queen Elizabeth Can't Stop Smiling at David Beckham During Young Leaders Awards

Built in the 17th century, Buckingham Palace remains Queen Elizabeth's home base for carrying out her obligations as the Head of State and the Commonwealth. In addition to welcoming more than half-a-million tourists during its summer schedule, the palace has hosted over 90,000 people in the last year for small receptions, state visits, and more.

Among the recent celebrities invited to the royal digs is Rod Stewart, who was officially knighted by Prince William last month. Watch the ceremony in the video below.


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