Audley Group has secured a £40 million loan from the government’s housing agency Homes England to help facilitate the construction of 255 mid-market retirement homes in Watford, which will become part of Audley Group’s Mayfield Villages portfolio.
The loan is from the £4.5 billion Home Building Fund.
Mayfield Villages is Audley Group’s mid-market proposition and the properties in the village will include extensive health, wellbeing, care and leisure facilities.
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 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 [Audley’s joint venture partner] and this will be the focus as we look to the future.”
Date published: August 20, 2021