Princes Exchange: £40m refurb to create new rail industry hub in Leeds
Network Rail has announced that its major £40m refurbishment of Princes Exchange in Leeds is now underway.
The 111,078 sq. ft, seven-storey building, next to Leeds City station, was bought by Network Rail in 2024 to bring track and train colleagues together in one location in Leeds.
The project is being delivered by Network Rail and Platform4, Network Rail’s property development company.
Network Rail will occupy three floors at the site, creating a dedicated Rail Industry Hub for colleagues currently based at Leeds station. The remaining five floors (3-7) will be fitted out to CAT A specification and ready for commercial occupation in mid-2027.
Eamon Fox, head of the Leeds office of global property consultancy Knight Frank, which is marketing the property alongside JLL, said: “Works have started, the strip out is complete and Wilmott Dixon our appointed main contractor is moving at speed with the works. The planned works will elevate the building to best in class and will be ready for occupiers from Q3 2027.
“Princes Exchange occupies a truly unrivalled position, in a super prime micro market where demand, visibility, and connectivity converge.”
The £40m refurbishment, which is targeting EPC A Rating, BREEAM Excellent, Fitwell and WiredScore will include external façade refurbishment including glazing replacement, as well as public realm works to improve the external environment
It will also include a refurbishment of the main entrance, including a contemporary ground floor reception with business lounge and cafe.
Andy Curran of Network Rail Property, who is leading on the Princes Exchange development, said: “This is a hugely exciting project for Network Rail and one we’re incredibly proud to be delivering.
“Princes Exchange will provide exceptional, best-in-class workspace and set a new benchmark for office accommodation in Leeds."