McCarthy Stone, a developer and manager of retirement communities, has received £94 million in funding to develop 1,500 affordable homes over the next five years.
The grant funding is the first investment in the private retirement sector ever made by Homes England, the government’s housing delivery agency.
McCarthy Stone said the funding marks a “significant step” forward in its strategy to increase choice and affordability for its products and widen the number of older people who can enjoy the benefits of retirement living.
The 1,500 units, of which 25% will be delivered via Modern Methods of Constructions (MMC), will be delivered nationwide, with the majority located in the Midlands and North of England.
John Tonkiss (pictured), CEO of McCarthy Stone said: “We are delighted to be appointed as a strategic partner by Homes England and this marks another important step in our commitment to address the growing demand for specialist retirement housing in the UK. Affordable retirement housing is essential to meet the Government’s wider levelling up agenda. The 1,500 units this partnership will deliver will improve the lives of more older people across more price points, and bring vital economic activity to the areas that need it most.”
Peter Denton, chief executive at Homes England, said: “These strategic partnerships give our new partners the funding, flexibility, and confidence they need to build much needed affordable homes across the country. It also establishes a large network of organisations looking to share their skills and capabilities to expand the affordable housing sector and transform communities.
“By forming strategic partnerships with a wide range of public and private organisations, we are creating the conditions needed for institutional investment to catalyse affordable housing supply and in future give local authorities more of the tools they need to plan and act strategically, shaping their communities and building new homes.”