£ 40million government loan supports new retirement homes – India Education | Latest Education News | Global education news
Hundreds of older people are set to receive new homes thanks to a £ 40million funding injection from Homes England, the government housing agency.
The £ 4.5bn Home Building Fund loan will accelerate the construction of 255 mid-range retirement homes in Audley Group’s Mayfield Villages portfolio, in a segment of the market that is currently under-supplied and relies on Audley’s recently announced joint venture with BlackRock. Real goods.
Mayfield Villages is Audley Group’s mid-range proposition and the properties in its first village will include extensive health, wellness, care and recreation facilities. Landowners and members in the area will also benefit from access to the Mayfield Care-rated Care Quality Commission (CQC).
Peter Denton, Managing Director of Homes England, said: “First of all, this will allow hundreds of older clients to enjoy high quality self-catering accommodation for years to come. The neighborhood will benefit from an enhanced health care offer and family homes will be freed up for the next generation.
“Our loan directly responds to the market financing challenges due to the pandemic and underscores our commitment to ensuring the diversity of communities.”
Nick Sanderson, CEO of Audley Group, said: “The transaction with Homes England is a significant milestone for the retirement housing industry. A passage to adulthood. The government’s support underlines the importance given to increasing the supply in the retirement living sector and to the development of 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 of our look to the future.”
The shortage of family homes is often attributed in part to the lack of quality retirement homes for the elderly. New Watford Homes will provide self-catering homes with care included and free up family-sized homes for new generations to enjoy.
The development is the cornerstone of Riverwell’s larger regeneration program in what is a priority location for the agency, allowing it to help deliver more ambitious plans. The project also incorporates elements of modern construction methods, covering construction activities and project management.