Ashley House has signed contracts to start work on two care schemes and has been awarded further projects but the length of time to reach financial close is frustrating the business.
The health and community care property partner can begin work on two Morgan Ashley schemes: a 75-apartment extra care project in Freshwater, Isle of Wight, and an 80-bed care home in Burnholme, York.
The Freshwater development is being delivered by the same team as Morgan Ashley’s Ryde scheme, namely Funding Affordable Homes, Southern Housing as registered provider and Stoneham Construction.
City of York Council appointed Morgan Ashley as the developer of the Burnholme scheme, working alongside HC-One, which will operate the care home. The development is to be built by contractor Pacy & Wheatley and is being funded by the USS Pension Fund.
Morgan Ashley, which is Ashley House’s joint venture with Morgan Sindall, now has four schemes contracted and onsite and has been awarded further schemes in two locations that will provide a further 300 homes.
All schemes will be delivered in conjunction with a registered provider or care home operator.
Ashley House chief executive Antony Walters said: ‘The Ashley House Group is delighted to have contracted a further two schemes as well as adding new schemes to its pipeline.
‘However, the board continues to be frustrated at the length of time it takes to progress schemes to financial close. With a healthy pipeline, the board is urgently seeking ways to improve this process and is continuing with careful diversification of the business.
‘There is clearly a continuing and growing need for the company’s types of development due to the housing crisis, ageing population and the rise of modular construction.’
Within F1 Modular (F1M), Ashley House’s offsite construction subsidiary, a total of 94 modules have been delivered to F1M’s 40-apartment extra care housing scheme in Aberdare, Rhondda Cynon Taf. The project is expected to complete in late summer.
The company will update further in early July following the end of its financial period.