Government Loan Supports Retirement Housing
Homes England has struck a deal with Audley Group to help support new homes in the under-supplied retirement housing market.
Thanks to a new £40 million funding injection from Homes England, the UK Government’s housing agency, hundreds of older people will now be provided with new housing. The loan is from the £4.5 billion Home Building Fund and will accelerate the construction of 255 mid-market retirement homes in Audley Group’s Mayfield Villages portfolio.
The retirement housing market is an area which is currently under-supplied. This new partnership builds on Audley’s recently announced joint venture with BlackRock Real Assets.
Peter Denton, Chief Executive at Homes England, said: “First and foremost, this will enable hundreds of later life customers to enjoy high-quality, independent living accommodation for years to come. The area will benefit from enhanced care provision and family homes will be freed up for the next generation.
“Our loan directly addresses market funding challenges due to the pandemic and highlights our commitment to ensuring diverse communities.”
Mayfield Villages Audley Group’s mid-market proposition and the properties within the village will include extensive health, wellbeing care and leisure facilities. Property owners as well as people in the local area will also gain benefit from access to the Care Quality Commission (CQC) rated Mayfield Care.
Nick Sanderson, CEO, Audley Group, said: “The transaction with Homes England is an important milestone for the retirement living sector. A coming of age. Government backing underlines the importance placed on increasing provision in the retirement living sector and developing more innovative housing solutions.
“Our aspiration to transform retirement is shared with both Homes England and BlackRock Real Assets and this will be the focus as we look to the future.”
The development is a cornerstone of the wider Riverwell regeneration scheme in what is a priority location for the agency, allowing it to help deliver more ambitious plans. The project also incorporates elements of Modern Methods of Construction, covering build and project management activities.
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