Lloyds Banking Group unveils £200m plan for head office
Lloyds Banking Group has unveiled £200m plans to transform the headquarters of Scottish Widows to become the giant’s main base in Scotland.
The Port Hamilton building on Morrison Street, Edinburgh, is to be designed in partnership with Drum Property Group. Lloyds Banking Group employs around 10,000 people in the Scottish capital.
Located in the city’s financial district, the building has been the head office of Scottish Widows for almost 30 years.
After the work is completed, which is expected to be in 2027, the property will remain the brand’s head office for its pensions and investments business.
The 325,000 sq ft, eight-storey building has a distinctive curved roof and is one of Edinburgh’s landmark office buildings.
Lloyds Banking Group said the project forms part of its wider drive to create more sustainable office footprint across the UK and contribute to its net zero goal.
It comes after the full refurbishment of its Bristol office in 2022 and a move to the most energy-efficient office building in Leeds last year.
Earlier this month, CityAM reported that Lloyds Banking Group is to shut its office in Liverpool later this year, in a move set to impact the site’s 500 staff.
The group said its decision to close its Speke location is part of broader plans to run “fewer, better-equipped” offices amid efforts to cut costs.
In a statement, Lloyds said it has not cut jobs as part of the closure plans but that workers at the office will be asked to relocate to its Cawley House office in Chester.
A total of 80 per cent of employees based in Speke are working remotely or will be working remotely when the building closes, it added.
That news came a day after it was reported that senior staff at Lloyds Bank may have their bonuses cut if they do not go into the office at least twice a week.
‘A real buzz in the fintech scene in Scotland’
Chira Barua, CEO of Scottish Widows, said: “There’s a real buzz in the fintech scene in Scotland and we’re committed to staying right in the centre of it.
“We’ve made huge progress in connecting customers with their financial futures and we’re starting to see how powerful digital engagement and gamification will be in the future.
“There’s huge potential to help make a real difference for our customers’ lives and we’re right out in front building all the parts we need to innovate in a massive way.”
Sharon Doherty, chief people and places officer at Lloyds Banking Group, added: “We’re creating modern, inclusive, sustainable and fun workplaces where our people love to work.
“We’ve already made significant improvements to our offices across the UK, with more to come.
“And our redesigned home in thecentre of Edinburgh will help us connect, collaborate and spark the creativity to deliver great outcomes for our customers.”
‘An exceptional opportunity for Lloyds Banking Group’
Graeme Bone, group managing director at Drum Property Group, said “The £200m redevelopment of Port Hamilton presents an exceptional opportunity for Lloyds Banking Group to upgrade and enhance one of Edinburgh’s landmark buildings and deliver an exceptional working environment for Lloyds colleagues in an unrivalled location.
“We are particularly proud of securing one of Edinburgh’s largest ever office pre-letting deals – the scale, structure, and net-zero objectives of the Port Hamilton redevelopment mark another exciting addition to our proven track record in delivering major office facilities for both corporate and government occupiers.”