McCarthy Stone has received funding from Homes England to deliver 1,500 new affordable shared ownership properties over the next five years.
Funding of £94m will help the developer and manager of retirement communities to increase choice and affordability for its products and widen the number of older people who can benefit from this type of housing.
It has been given strategic partnership status with Homes England. The partnership is with the company’s shared ownership arm, McCarthy Stone (Shared Ownership) Ltd, which was established by the developer and became a registered provider earlier this year.
McCarthy Stone, which manages more than 450 retirement communities around the UK, launched its multi-tenure strategy in 2019 and around a third of its transactions are for private rent or private shared ownership. Affordable shared ownership will now complement the offer, it 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,’ said John Tonkiss, McCarthy Stone chief executive.
‘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.’
The units, of which 25% will be delivered via modern methods of construction, will be both developed and managed by McCarthy Stone. They will be delivered nationwide, with the majority in the Midlands and North of England.
Bill Yardley, McCarthy Stone (Shared Ownership) Ltd chair, said: ‘Providing older people with more affordable choices when it comes to retirement housing is a pivotal part of McCarthy Stone’s multi-tenure strategy.
‘Now with the backing of Homes England we can help to better serve the diverse needs of the UK’s ageing population around the country and give them the opportunity to live in a more supported environment, including on-site care, across a wide range of budgets.’
Peter Denton, Homes England chief executive, added: ‘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.’
The funding from Homes England follows a £40m loan to accelerate the construction of 255 mid-market retirement homes in Audley Group’s Mayfield Villages portfolio.