Projects across the South Bank area of Hunslet and Holbeck will benefit from funding announced by the Chancellor of the Exchequer, Rachel Reeves MP, at the UK’s Real Estate Investment and Infrastructure Forum (UKREiiF) yesterday (20 May 2026).
The UK Government has confirmed its support for the Royal Armouries Waterfront project as the Chancellor delivered the keynote speech at the UK’s largest conference on the built environment and property development. UKREiiF, which has been held at the museum since 2022, is a fitting backdrop to discuss the expansion that will transform one of the nation’s most significant cultural institutions into a world-class destination for heritage, events and conferencing.
The Royal Armouries Waterfront project has been made possible by the establishment of the Leeds City Fund – a 25-year business rates retention scheme that was announced in the 2025 Autumn Budget. With backing from Department of Culture, Media and Sport, Leeds City Council and West Yorkshire Combined Authority, this project will deliver a new riverside cultural, events and conference venue at the heart of Leeds’ South Bank, which is one of the largest regeneration opportunities in Europe. The development will create approximately 3,500 m² of flexible, immersive event space and 4,500 m² of new public space, including food and beverage opportunities, alongside more than 3,000 m² of supporting facilities. Plans also include a commercial opportunity to develop a 150-key hotel, cementing Leeds’ position as a premier conference and exhibition destination.
The project is projected to deliver an annual contribution to the economy of £20 million in Gross Value Added, support 445 full-time jobs, and attract over 300,000 new museum visitors and event attendees each year. It is also expected to generate a combined land value uplift of approximately £240 million across Leeds South Bank.
Nat Edwards, Director General and Master of the Armouries said:
“The Leeds City Fund is instrumental for the Royal Armouries to move forward with our ambitious project. The Waterfront project is a huge growth opportunity for the city, and we’ll be working in partnership with Leeds City Council, the West Yorkshire Combined Authority as well as the private sector to deliver this state-of-the-art facility for the city.”
The central government funding will also support other regeneration projects in locations across South Leeds such as Meadow Lane and the Temple district, where plans are in the pipeline to bring the Grade I listed Temple Works building back into use.
Councillor James Lewis, leader of Leeds City Council, said:
“The announcement made by the Chancellor in Leeds today is a real vote of confidence in our city and the opportunities offered by the transformation of its former industrial heartlands.
“The council and its partners have achieved great things with a whole range of regeneration projects in recent years, but we know there is still more to do before Leeds’s full potential is unlocked.
“This funding will help us to collectively meet that aim, not least by supporting the delivery of much-needed homes in key strategic locations such as West End Riverside and Meadow Lane as well as the Temple district, where we are already working hard alongside partners to breathe new life into the Temple Works building.
“The funding will also, by facilitating the creation of commercial and leisure space, strengthen even further the reputation of Leeds as a brilliant place to do business and, crucially, a city with an economy that works for everyone.”
The announcement follows confirmation on Tuesday that Homes England – central government’s housing and regeneration agency – will provide a £16m infrastructure grant to Caddick Group to help deliver Leeds South Village, a new mixed-use neighbourhood in the city’s South Bank area.
This post is based on press releases issued by the Royal Armouies Museum and Leeds City Council
Image: CGI of the new riverside development at the Royal Armouries Museum
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