The UK government housing agency, Homes England, has pledged £40 million in investment to help provide hundreds of older people with new homes.
The funding will help accelerate the development of 255 retirement homes, with the loan coming from the Home Building Fund.
The homes will be part of Audley Group’s Mayfield Villages portfolio, with the villages set to include extensive health, wellbeing, care and leisure facilities.
The new homes, which will be based in Watford, Hertfordshire, are designed to give residents independence while also including care provision.
“First and foremost, this will enable hundreds of later life customers to enjoy high-quality, independent living accommodation for years to come," said Peter Denton, Chief Executive at Homes England.
"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, 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.”