Lloyds to convert redundant space to housing

The banking giant has announced its intention to redevelop its decommissioned data centres and office space into social housing projects – starting in Pudsey.

Lloyds said it is moving ahead with plans to identify suitable housing partners in the UK regions who will be responsible for redeveloping the sites to increase the availability of social housing.

The conversion of the first site in Pudsey, formerly an office and data centre is hoped to start in 2026 and subject to planning, will bring 80 homes to West Yorkshire.

A full review of the group’s legacy commercial real estate portfolio is currently underway, with plans progressing to finalise additional sites that could also be developed by housing partners as social housing in the coming years.

With social housing a hot post-election topic, Lloyds is also making a new £200m financing commitment to support local providers working in the homelessness and special needs sectors.

The group will work through Citra Living to acquire suitable homes and work with local providers.

Chief executive Charlie Nunn said: “Everyone has the right to build a future from the foundation of a secure home. Social housing is part of this country’s critical infrastructure, and we need to direct and increase investment into the right homes, in the places they’re needed most.

“Lloyds Banking Group has provided £17bn of support to the sector since 2018 and today we also have announced our plans to redevelop decommissioned Group data centres and former office sites for new housing projects – and I would encourage others to also consider this.”

In 2023, Nunn launched the Social Housing Initiative (SHI)* to bring together CEOs and leaders from across the financial, housing, public and third sectors, with the collective knowledge, resource and remit to take steps to address the chronic lack of social housing and genuinely affordable homes in the UK. Leeds City Council, along with Bristol, is a member, as is Homes England.