Lloyds Banking Group has announced plans to convert its decommissioned data centres and former office sites into new social housing projects.
The group — which owns Lloyds Bank, Halifax and Bank of Scotland — said it would identify suitable housing partners in the regions that will be responsible for redeveloping the sites to increase the availability of social housing.
Construction of the first site in Pudsey, West Yorkshire, formerly an office and data centre, is expected to start in 2026. Subject to planning permission, this initial project will create up to 80 new homes that could be available for social rent.
Lloyds is undertaking a full review of the its legacy commercial real-estate portfolio, with plans progressing to finalise additional sites that could also be developed by housing partners as social housing in the coming years.
Additionally, the banking group announced a £200m financing commitment to support local organisations that provide housing for those who need it most, such as those experiencing homelessness and individuals with special needs.
Lloyds Banking Group will also become the first UK bank to actively enter the market to own good quality housing that will be available to house families at risk of homelessness.
Through Citra Living, Lloyds will acquire suitable homes and work in partnership with housing organisations and local authorities to lower the costs of providing suitable and good quality accommodation for families living in temporary accommodation. A pilot scheme will launch in Cambridge next month.
