New £40m government loan supports for retirement living homes

Homes England agrees deal with Audley Group to support new retirement living homes in under-supplied market.

Hundreds of older people are set to be provided with new retirement homes thanks to a £40m funding injection from Homes England, the Government’s housing agency.

The 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, 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 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,” he added on August 20.

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