The deal will support the construction of 255 retirement homes in the Mayfield Villages portfolio.
Homes England has agreed a £40m deal with Audley Group to support the construction of 255 mid-market retirement homes in Audley Group’s Mayfield Villages portfolio.
The loan from the £4.5bn Home Building Fund will accelerate the construction in a segment of the market that is currently under-supplied, and builds on Audley’s recently announced joint venture with BlackRock Real Assets.
Mayfield Villages is Audley Group’s mid-market proposition and the properties in its first village 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.
Peter Denton, chief executive of 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, chief executive of 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.”
