The development of new retirement living housing has been given a boost thanks to an injection of £40m from Homes England.
Audley Group’s Mayfield Villages portfolio is one of the first among the older living sector to benefits from the loan, which has been delivered as part of the government’s £4.5bn Home Building Fund.
It is hoped the funding will accelerate the construction of 255 mid-market retirement homes.
Balfour Beatty has secured a £68m contract from Audley Group for the mix of one- and two- bedroom apartments.
Balfour Beatty will manufacture 180 apartment balconies offsite, thereby reducing the risk of working at height and improve the overall project efficiency.
The early works at the site are already underway, and the main construction is set to finish in 2023.
Commenting on the development, Peter Denton, chief executive at Homes England, said: “Our loan directly addresses market funding challenges due to the pandemic and highlights our commitment to ensuring diverse communities.”
Nick Sanderson, CEO, 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 project incorporates elements of modern methods of construction.
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