Network Rail unveil £40m plans to upgrade striking Princes Exchange building next to Leeds station
The £40 million upgrade is underway
Network Rail has unveiled plans to upgrade the striking Princes Exchange building next to Leeds station.
The £40 million upgrade of the eight-storey office building, located opposite the Aire Street entrance to Leeds City Station, will create a new rail industry hub in the city centre.
Funded by the Department for Transport and Network Rail, the project is being delivered by Network Rail and Platform4, working with contractor Willmott Dixon.
“The redevelopment of Princes Exchange will breathe new life into what is already an iconic building in a prime city location,” said Andrew Banks, Network Rail’s finance director.
“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.”
Transformation work is already underway on site, bringing the 108,576sq ft building back into use.
It will bring Network Rail’s track and train colleagues in Leeds together in one location - with energy efficiency, sustainability and digital connectivity all at the heart of the development.
The project, which follows Network Rail’s purchase of the empty building in 2024, is expected to be completed in June 2027. It will include:
- Main entrance and external facade refurbishment – including replacing all windows and the roof.
- Public realm work to improve the space outside the building, which faces the station’s Aire Street entrance.
- A dedicated rail hub entrance and reception with new staff welfare facilities.
- High quality amenities at basement level, including cycle storage along with changing facilities.
Andrew Ferguson, interim chief executive of Platform4, Network Rail’s property development company, 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 scheme will deliver social value through apprenticeships, work experience placements, educational activities and support for community projects, while sustainable reuse of furniture and materials from the site is expected to save around 80 tonnes of carbon and provide £10,000 worth of donated equipment to charitable organisations.
Network Rail and rail industry partners will occupy three floors, with the remaining five being fitted out to be commercially let from mid-2027.