Network Rail triggers Leeds office overhaul

Working with the rail body’s property company Platform4, contractor Willmott Dixon has started on a £40m upgrade of the 108,000 sq ft Princes Exchange.

The eight-storey office block sits beside Leeds station was acquired by Network Rail in 2024, and will be brought back into use by the works programme.

With the deal’s completion achieved in early 2025, it was a standout in the Leeds office market’s statistics for Q1 of that year.

Network Rail and rail industry partners will occupy three floors, with the remaining five being fitted out to be commercially let from mid-2027.

The project, funded by the Department for Transport and Network Rail, is targeting EPC A, BREEAM Excellent, Fitwell and Wiredscore sustainability accreditation.

The project 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 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.”

Market interest has been strong for buildings close to Leeds station, Yorkshire’s largest transport hub. Britannia Invest’s One City Square hung up the “fully let” sign in September last year, while City Square House, which completed in 2024, has pulled in big name occupiers such as Grant Thornton, which took 10,000 sq ft.

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.”