A £40m funding boost from Homes England will help the construction of 255 mid-market retirement homes.
The loan comes from the £4.5bn Home Building Fund and will be provided to Audley Group’s Mayfield Villages.
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.”
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 project also incorporates elements of Modern Methods of Construction, covering build and project management activities.
Author: Ashley Booth-Dale