£ 40m government loan supports construction of new nursing homes

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Hundreds of older people will be provided with new homes thanks to a £ 40 million infusion from Homes England, a government housing agency.

A £ 4.5 billion loan from the Housing Fund will accelerate the construction of 255 mid-sized retirement homes in Audley Group’s Mayfield Villages portfolio in a currently underserved market segment based on Audley’s recently announced joint venture with BlackRock. Real assets.

Mayfield Villages is an Audley Group offering to mid-sized businesses and properties in its first village will include extensive health, wellness, care and recreation services. Property owners and local residents will also have access to the Mayfield Care system, awarded by the Commission for Quality of Service (CQC).

Peter Denton, CEO of Homes England, said: “First and foremost, it will enable hundreds of future clients to live in a quality, independent home for years to come. Improved medical care will be provided in the area, and family homes will be freed up for the next generation.

“Our loan directly addresses the market financing challenges posed by the pandemic and underscores our commitment to community diversity.”

Nick Sanderson, CEO of Audley Group, said: “The Homes England deal is a milestone for the retirement sector. Having reached the age of majority. Government support underlines the importance attached to expanding the living conditions of retirees and developing more innovative housing solutions.

“Our commitment to transforming pensions is shared by both Homes England and BlackRock Real Assets, and will be our focus as we look to the future.”

The shortage of family homes is often partly due to the lack of quality nursing homes for the elderly. The new homes in Watford will include detached homes with care services and free up family homes for new generations.

The development is the cornerstone of Riverwell’s broader regeneration scheme, which is a priority for the agency, allowing it to pursue more ambitious plans. The project also includes elements of modern construction methods, encompassing construction and project management activities.

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