Network Rail’s comprehensive £40m refurbishment of Princes Exchange, one of the most striking buildings in central Leeds, is now underway, bringing prime Grade A office space to the commercial rental market.
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, creating a dedicated Rail Industry Hub for rail industry 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.
The £40m refurbishment, which is targeting EPC A Rating, BREEAM Excellent, Fitwell and WiredScore will include:
• External façade refurbishment including glazing replacement
• Public realm works to improve the external environment
• Main entrance refurbishment
• A contemporary ground floor reception with business lounge and cafe
• High-quality cycle storage and amenity facilities to be provided at basement level
• Fitness Studtio
Eamon Fox, head of the Leeds office of global property consultancy Knight Frank, which is marketing the property alongside JLL, explained that Princes Exchange was one of the most exciting prime office buildings in the city’s commercial property pipeline.
Mr Fox 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.”
Andy Curran of Network Rail Property, who is leading on the Princes Exchange development, commented: “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.
“We’re looking forward to working with Knight Frank and JLL to welcome commercial occupiers to the building”.
Andrew Ferguson, Interim CEO at Platform4 added: “Taking a strategic view of railway land and identifying the best way to unlock it to enable growth is exactly why Platform4 exists. Delivering this asset will bring more opportunities to the region, and with its best-in-class facilities and workspaces, Princes Exchange is set to attract the very best.”
Reflecting on the commercial property market in Leeds, Eamon Fox said: “The defining character of the Grade A office market in Leeds in the post-Covid years has been the imbalance between supply and demand, with the latter far outstripping the former. The completion of the redevelopment of Princes Exchange will address this imbalance and satisfy the pent-up demand for quality office space in Leeds.
“Princes Exchange is in the heart of Leeds’ professional core, with high-profile occupiers nearby including , DLA, Deloitte, Markel, Grant Thornton, Pinsents and Knights.
“While we have ample workspace available to accommodate requirements, we anticipate announcing our first occupier next month. Interest to date has been dominated by professional services organisations, where the workplace is viewed as a strategic tool to attract, retain, and inspire the very best talent. We are quoting rents of £55 per sq. ft.
“These are exciting times for the prime Leeds office market with supply finally catching up with demand. Princes Exchange, together with Prescient’s 31 Wellington Street, and Rushbond’s Bank House is at the vanguard of this positive trend and I expect to see some high-profile office deals in the coming months.”
