Audley secures £40m Homes England loan

Audley Group has gained a £40m funding injection from Homes England, which will be used to speed up the construction of 255 retirement homes. The loan, from the £4.5bn Home Building Fund, will finance works for the first homes within Audley Group’s mid-market Mayfield Villages portfolio. Located in Watford, Hertfordshire, the first retirement village will include health, wellbeing, care and leisure facilities. Owners and members of the local area will also be able to access its Care Quality Commission-rated care provision. 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.” Nick Sanderson, chief executive of Audley Group, said: “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.” The development forms part of the wider Riverwell regeneration scheme in Watford. The project also incorporates modern methods of construction, covering build and project management activities. To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews