Willmott Dixon has started work on the £40m refurbishment of Princes Exchange, an eight-storey office building next to Leeds station that Network Rail is bringing back into use as a new city centre hub for the rail industry.
The 108,576 sq ft building, located opposite the Aire Street entrance to Leeds City Station, was acquired by Network Rail in 2024 after becoming vacant. The Department for Transport and Network Rail-funded project is being delivered by Network Rail and its property development arm Platform4, working with Willmott Dixon.
The redevelopment will create dedicated accommodation for Network Rail and other rail industry organisations alongside commercial office space. Three floors will be occupied by Network Rail and other rail organisations, bringing track and train teams together within a single location.
The remaining five floors will be refurbished and fitted out for commercial letting, with space expected to become available from mid-2027.
The construction programme includes replacing all of the building’s windows and its roof, alongside refurbishment of the main entrance and facade. Improvements will also be made to the public realm surrounding the building, helping to enhance the area immediately outside the station and office development.
Energy efficiency and sustainability are key elements of the redevelopment, with Network Rail also highlighting the importance of digital connectivity as part of the building’s transformation into a modern workplace.
Princes Exchange’s location directly opposite Leeds City Station provides rail staff with direct access to the city’s main railway hub, while the commercial office space will add further employment capacity within Leeds city centre.
The project is scheduled for completion in June 2027, with the commercial floors expected to be ready for occupation from the middle of that year.
