The UK Government has officially confirmed its backing for the ambitious Royal Armouries Waterfront project in Leeds, as Chancellor of the Exchequer Rachel Reeves highlighted the development during her keynote speech at the UKREiiF conference.
The multi-million-pound expansion will transform the national museum into a world-class heritage, event, and conferencing destination on Leeds’ South Bank. The development is being funded via the Leeds City Fund, a unique 25-year business rates retention scheme established in the 2025 Autumn Budget. The project is a collaborative effort backed by the Department for Culture, Media and Sport (DCMS), Leeds City Council, and the West Yorkshire Combined Authority.
The Waterfront project will deliver 3,500 square metres of flexible, immersive event space alongside 4,500 square metres of new public realm space featuring new food and beverage outlets. Additionally, the blueprint includes 3,000 square metres of supporting facilities and a commercial opportunity to construct a brand-new 150-room hotel to support the city’s booming conference economy.
Once complete, the expansion is projected to inject £20 million annually in Gross Value Added (GVA) into the local economy, support 445 full-time jobs, and attract an extra 300,000 museum visitors and delegates each year. Experts also predict the development will trigger a staggering £240 million uplift in land value across the wider Leeds South Bank regeneration zone.
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.”
