The culprits took tins of paint from the site on Valley Road, under Valley Bridge, at around 5.10am on Saturday.
A security guard saw two men making off from the building site.
He described them as white and aged in their early 20s.
Police are urging for anyone with information about the theft to get in touch, particularly anyone who remembers seeing two men carrying tins of paint in the South Cliff area.
Anyone who can help should call police on 101, select option two, and ask for Kirsty Masters, or email [email protected], quoting reference number 12200200513.
Information can also be passed on anonymously via Crimestoppers on 0800 555111.
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