Lloyds Bank Plans Conversion Of Offices And Data Centres To Social Housing

Lloyds Bank Group plans to transform old data centers and former office locations into fresh social housing initiatives.

The Group wants to find suitable housing allies in the areas who will manage the refurbishment of the sites and make more social housing available.

The building of the first location in Pudsey, West Yorkshire, previously a data center and an office, is set to begin in 2026. This will provide up to 80 fresh homes that might be open for social rent and aid in boosting the supply of affordable, quality housing in the UK.

Lloyds Strives To Bolster The Supply Of Superior Homes For Those In Critical Need

An in-depth assessment of the Group’s historic commercial real-estate portfolio is happening. The Group plans to finalize more sites for housing partners to transform into social housing in the next few years.

Lloyds Banking Group is investing a new £200 million to back local entities that offer housing to those in urgent need.

This will focus on people without homes or individuals with basic needs. This financial assistance will help small housing providers throughout the country boost the supply of quality homes for those in greatest need.

The company will also become the inaugural UK bank to start buying high-quality homes to provide housing for families who might become homeless.

With Citra Living, the firm will buy appropriate homes. It will also collaborate with housing groups and local authorities to reduce the expenses of offering suitable and high-quality housing for families in temporary homes.

The first pilot program will commence in August in Cambridge, intending to extend to other cities throughout the UK.

Lloyds Banking Group Has Invested £17 Billion In The Industry Since 2018

The Chief Executive Officer of Lloyds Banking Group, Charlie Nunn, led the effort to introduce the Social Housing Initiative (SHI). He brought together leaders and Executive Officers from the public, housing, financial, and third sector to tackle the ongoing shortage of social housing and affordable homes in the UK.

He stated that social housing is part of the nation’s crucial infrastructure, and the Group must focus on boosting funding for appropriate homes where they are most needed. He added that Lloyds Banking Group had invested £17 billion to support the industry since 2018, and today, the Group has shared plans to renovate old data centers and office locations.

Lloyds Banking Group is a UK-based financial entity established when Lloyds TSB bought HBOS in 2009. It is one of the largest financial services institutions in the UK, with 65,000 employees and 30 million customers.