£40m Princes Exchange Leeds Revamp Under Way

Network Rail has begun a £40m transformation of the empty Princes Exchange building beside Leeds station, creating a rail industry hub and new commercial space

A £40m redevelopment of one of the most recognisable office buildings beside Leeds station is under way. Network Rail has begun transforming Princes Exchange, the striking eight-storey building at Princes Square, bringing its 108,576 sq ft back into use after the site stood empty. The scheme will create a new rail industry hub, bringing track and train staff together in one location, while opening up part of the building to the wider commercial market. Funded by the Department for Transport and Network Rail, the project is due for completion in June 2027.

Why This Matters For Leeds

This is £40m of investment puts a landmark building next to the station back into use, adds high-quality office space to a Leeds market short of it, and creates construction work and apprenticeships along the way. Consolidating rail staff in one modern base also signals long-term commitment to Leeds. And with five floors to be let commercially, it brings fresh space to the market just as demand pushes city-centre rents to record levels.

What the Princes Exchange Project Involves

The building, which Network Rail bought empty in 2024, is being overhauled inside and out. The work includes a full refurbishment of the main entrance and external facade, with all windows and the roof replaced, public realm improvements to the space facing the station’s Aire Street entrance, a dedicated rail hub entrance and reception and high-quality basement amenities, including cycle storage and changing facilities. Network Rail and rail industry partners will occupy three of the eight floors, with the remaining five fitted out to be let commercially from the middle of 2027. The project is being delivered by Network Rail and its property development company Platform4, working with contractor Willmott Dixon, and is targeting top sustainability ratings including EPC A and BREEAM Excellent. It follows a wave of investment around the station as the wider gateway area is upgraded.

“The redevelopment of Princes Exchange will breathe new life into what is already an iconic building in a prime city location, while opening up this property to the wider market.”

— Andrew Banks, Finance Director, Network Rail

Unlocking Land for Rail Growth

The scheme is about more than office space. It is being delivered through Platform4, the property company Network Rail set up to make better use of its land, which has a national ambition to enable tens of thousands of new homes and millions of square feet of commercial space over the next decade. At Princes Exchange, consolidating staff into one building also frees up other rail land in the city for future development which, the company says, supports rail growth in Leeds. The project is designed to deliver social value too through apprenticeships, work experience and community support, while reusing furniture and materials from the site is expected to save around 80 tonnes of carbon and donate £10,000 of equipment to charities.