A £40 million redevelopment of Princes Exchange in central Leeds is under way, with Network Rail transforming the eight-storey office building into a new hub for rail industry teams.
The 108,576 sq ft building sits immediately beside Leeds station and will bring Network Rail and train operator colleagues together under one roof, supporting closer working between track and train teams.
Funded by the Department for Transport and Network Rail, the project is being delivered by Network Rail and its property development company Platform4, with Willmott Dixon appointed as contractor.
Network Rail purchased the vacant building in 2024, with the redevelopment now expected to be completed in June 2027.
Bringing rail teams together in Leeds
The project comes as the industry moves towards greater integration between infrastructure and operations under Great British Railways.
Network Rail and its rail industry partners will occupy three floors of Princes Exchange, creating a significant new operational and business base alongside one of the North’s busiest stations.
The remaining five floors will be fitted out for commercial tenants and are expected to become available from mid-2027.
Andrew Banks, Network Rail finance director, said: “The redevelopment of Princes Exchange will breathe new life into what is already an iconic building in a prime city location.
“We’re proud to be providing upgraded space for Network Rail and train operator colleagues to support them to deliver great service for rail passengers in the north, while opening up this iconic property to the wider market.”
Major refurbishment of existing building
Rather than developing an entirely new office, the investment will bring the existing Princes Exchange building back into productive use.
Work includes replacing the building’s windows and roof, refurbishing its main entrance and external façade and improving the public realm facing Leeds station’s Aire Street entrance.
A dedicated rail hub entrance and reception will be created alongside new staff welfare facilities. The basement will also provide cycle storage and changing facilities.
Energy efficiency, sustainability and digital connectivity are being incorporated into the redevelopment.
Around 80 tonnes of carbon are expected to be saved through the reuse of furniture and materials already on site, while approximately £10,000 of equipment will be donated to charitable organisations.
The construction programme will also support apprenticeships, work experience placements, educational activities and community projects.
Supporting wider rail growth in Leeds
Beyond providing new offices, Network Rail says the scheme has a wider strategic role in its plans for railway land around Leeds.
Andrew Ferguson, interim chief executive of Platform4, said: “Working to maximise the value of rail land for both the railway and for wider public benefit is exactly what Platform4 was set up to do. At Princes Exchange, we’ve worked with Network Rail and our other partners not only to deliver landmark office space for colleagues and businesses but also to unlock critical land, enabling rail growth in Leeds.”
The combination of railway occupation and commercial letting also represents an increasingly important approach to Network Rail’s property estate, using railway-owned assets to support operational requirements while generating wider commercial value.
For Leeds, the investment will create a sizeable new rail industry base immediately alongside the station at a time when closer integration between infrastructure and train operations is becoming central to the industry’s future structure.
