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Homes England, the UK government’s housing agency, has agreed to provide £40m loan to Audley Group to support construction of new retirement living homes in Watford.

The funding will be used by Audley Group, along with its joint venture (JV) Blackrock Real Assets, to construct 255 new mid-market retirement homes in the group’s Mayfield Villages portfolio.

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The loan amount is from the government’s £4.5bn Home Building Fund.

The properties in Audley Group’s first village will include health, wellbeing, leisure and care facilities. The project will be constructed using elements of modern methods of construction.

Audley Group CEO Nick Sanderson said: “The transaction with Homes England is an important milestone for the retirement living sector. A coming of age.

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“Government backing underlines the importance placed on increasing provision in the retirement living sector and developing more innovative housing solutions.

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“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 project will provide new independent homes with care provision for older people, and the family-sized homes will be freed up for new generations.

Homes England CEO Peter Denton said: “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.”

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Homes England offers £40m loan to build new retirement living homes. Credit: Crown.