Homes England has injected £40m funding to support the delivery of new retirement living homes, which will accelerate the construction of 255 homes in Audley Group’s Mayfield Villages portfolio
The £40m loan from the £4.5bn Home Building Fund will accelerate the construction of 255 mid-market retirement homes in Audley Group’s Mayfield Villages portfolio.
The properties in Mayfield Villages will include extensive health, wellbeing, care and leisure facilities. Property owners and members of the local area will also benefit from access to the Care Quality Commission (CQC) rated Mayfield Care.
‘An important milestone for the retirement living sector’
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 of the Audley Group, added: “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 to the wider Riverwell regeneration scheme.
The project also incorporates elements of Modern Methods of Construction, covering build and project management activities.
