Lloyds Banking Group is making another foray into the housing sector by turning its former office buildings into affordable homes.

The UK bank, which has ambitions of becoming a major build-to-rent player under its Citra Living brand, now plans to provide good quality social housing for families at risk of homelessness.

It will redevelop its decommissioned group data centres and former offices, starting with a site in Pudsey (main image), West Yorkshire, to create up to 80 new homes which will then be rented at about half the usual rate, with the hope that more will be developed in the next few years.

Through Citra Living, it will also acquire suitable homes and work in partnership with housing organisations and councils to lower the costs of providing decent homes for families living in temporary accommodation. It will buy the homes and remain the landlord, while councils take on everyday management. The pilot scheme launches in Cambridge next month, with plans to roll out to other cities across the UK.

Future

Lloyds CEO Charlie Nunn (pictured) says “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.”

Last year, Lloyds reported that it had grown its rental portfolio to 1,000 properties and had another 7,000 in the pipeline.

However, this was still some way off its target of buying and operating 10,000 homes under Citra Living by the end of 2025. In 2021, it announced plans to acquire 50,000 BTR properties by 2030.

Image: Google Streetview