Princes Exchange, Leeds

Bringing a Leeds landmark back into use

We are transforming Princes Exchange, the striking eight-storey glass building beside the Aire Street entrance to Leeds City Station, into a new rail industry hub and Grade A commercial workspace. Worth over £40m, the scheme is procured through the SCAPE Construction framework and delivered in partnership with Platform4, Network Rail’s property development company, with funding from the Department for Transport and Network Rail.

Network Rail purchased the empty building in 2024. Rather than develop an entirely new office, the investment brings 108,576 sq ft of existing floorspace back into productive use in one of the best-connected locations in the north. Network Rail and its rail industry partners will occupy three floors, uniting track and train colleagues in Leeds in a single location for the first time. The remaining five floors are being fitted out for the wider commercial market from mid-2027, opening the building up to occupiers across the city.

What we are delivering

The scheme takes the building back to its frame and rebuilds it as a modern workplace, from the envelope inwards:

• Complete replacement of the entire glazed façade, together with all windows and the roof – a full new building envelope.
• New flexible mechanical, electrical and plumbing systems throughout, with photovoltaics installed to generate on-site renewable electricity.
• Full internal fit-out from basement to level two to create Network Rail’s new office facility, with shell and core works to the upper floors ready for commercial tenants.
• A dedicated rail hub entrance and reception, new communal areas and new staff welfare facilities.
• High-quality basement amenities, including secure cycle storage with changing facilities.
• Public realm improvements to the space outside the building, facing the station’s Aire Street entrance.

The full scope

Complete refurbishment and repurposing of an eight-storey city centre office building, providing a new rail industry hub across three floors with a dedicated entrance, reception, communal areas and welfare facilities; shell and core Grade A commercial space across the upper five floors; basement cycle storage and changing facilities; a new glazed façade, windows and roof; new MEP systems and photovoltaics; and improved public realm.

Retrofit first: the embodied carbon equation

The lowest-carbon building is very often the one that already exists. By retaining the existing structure, frame and substructure and concentrating investment in the envelope, the services and the interior, Princes Exchange avoids the substantial embodied carbon that a new eight-storey office of this scale would carry – while delivering the operational performance of a new building.

The full new envelope, new MEP systems and photovoltaic installation together lift the building from an EPC D to an EPC A. The scheme is designed to BREEAM Excellent standards, and on site the sustainable reuse of furniture and materials is expected to save around 80 tonnes of carbon and provide £10,000 worth of donated equipment to local charitable organisations. It is a practical demonstration of how existing commercial stock can be brought up to modern energy-performance standards without the carbon cost of starting again.

Workplace quality that competes with new build

Occupiers do not accept a trade-off between a sustainable retrofit and a first-class working environment, and this scheme is designed so that they do not have to. Princes Exchange is being delivered to Grade A specification and will be Fitwel certified – an accreditation that measures how a building supports the health and wellbeing of the people who use it. It will also achieve WiredScore certification, which recognises best-in-class digital connectivity, essential both for the rail industry teams operating the network and for the commercial tenants who will take the upper floors.

Set alongside the new hub entrance and reception, upgraded welfare facilities, cycle storage and changing rooms, and improved public realm at the front door, these are the credentials that

Delivering complex refurbishment on a live city centre site

Replacing an entire glazed façade eight storeys above a public street, immediately beside one of the busiest stations in the north, is a logistics exercise as much as a construction one. The programme is being delivered under an NEC4 contract across a 61-week construction period, following a 31-week pre-construction phase in which early contractor involvement through SCAPE allowed the design, the procurement strategy and the phasing to be developed with Network Rail and Platform4 before work began on site.

Princes Exchange adds to Willmott Dixon’s growing track record of regenerating towns and cities across the country. We are on site delivering a new £32m Grade A tech hub in Doncaster, have recently been appointed to The Stage in Luton, a £114m town centre regeneration scheme creating 292 apartments including 84 affordable homes, and delivered the award-winning £115m Stockport Interchange. With our regional office in Morley, this is a local landmark delivered by a local team.

Leaving a legacy in Leeds

The project will leave a lasting legacy in the Leeds community through the creation of apprenticeships, work experience placements, educational activities and support for community projects, alongside the reuse of site furniture and materials that is expected to save around 80 tonnes of carbon and donate £10,000 of equipment to local charities.

What people are saying

“Princes Exchange is a fantastic opportunity to breathe new life into an iconic building in the heart of Leeds, creating a modern, high-quality hub for Network Rail in addition to providing new commercial spaces for the city. With our regional office in Morley, we’re proud to be working on a local landmark project that supports Network Rail’s ambition for a sustainable workplace that will benefit the rail industry for many years to come.”

Anthony Dillon, Managing Director for the North, Willmott Dixon

“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.”

Andrew Banks, Finance Director, Network Rail

“This is a landmark refurbishment project and currently Network Rail’s largest project commission through the SCAPE Construction Framework. By working closely with both Willmott Dixon and Network Rail, we can bring the benefits of early contractor engagement and strategic guidance from the outset, helping to drive value and support the successful delivery of this important project.”

Mark Robinson, Group Chief Executive, SCAPE