An ‘affordable for all’ later living concept is being developed by McCarthy & Stone and Anchor Hanover as part of a new partnership.
Providing housing across all tenures, the tie-up aims to address the diverse needs of England’s growing ageing population.
The deal has been welcomed by the housing minister and coincides with the United Nations’ International Day of Older Persons, which recognises the need to support an ageing population.
The partnership will initially deliver 482 units across five sites, which are owned by McCarthy & Stone, and have planning consent, with a gross development value of £125m.
As part of the agreement, Anchor will pay £67m for the development of 316 extra care apartments, aimed at those in greatest need.
McCarthy & Stone will act as turn-key developer to Anchor, which is England’s largest not-for-profit provider of specialist housing and care for people in later life, to deliver the apartments – of which 124 will be affordable rent and 192 will be shared ownership.
A further 166 retirement living units will be sold and managed by McCarthy & Stone on land adjacent to Anchor Hanover’s sites.
The first two developments will be in Hook, Hampshire, and Hinckley, Leicestershire, this year, with the following projects in Bingley, West Yorkshire, and Standish, Greater Manchester, due to start early next year. The final development will be in Macclesfield, Cheshire, later in 2021.
As reported last month, there is every chance 2020 could see a record low number of new retirement housing sites delivered for more than half a century. In 2019, 150 new older peoples housing sites were developed, according to LaingBuisson’s forthcoming Retirement Housing UK market report. This number of sites has remained constant in recent years but is a fraction of the peak of 976 in 1989.
John Tonkiss, McCarthy & Stone chief executive, said: ‘Now more than ever we need to better align adult social care policy with high-quality and “affordable for all” retirement community solutions.
‘This partnership is in addition to our current construction plans and forms part of our strategy to provide greater choice for customers, with different tenure options across the affordability spectrum. It marks an important step in our commitment to address this challenge while providing customers with greater choice and a more affordable product.’
Jane Ashcroft, Anchor Hanover chief executive, said: ‘The changing needs of our ageing society mean demand for specialist housing and care is strong and growing across all price points.
‘We have ambitious plans to provide more homes where people love living in later life and to do so more quickly. We’re keen to work with a range of partners to meet that demand and support the government’s objective of more accessible housing for older people.’
Housing Minister Christopher Pincher MP added: ‘Around one-third of children born in the United Kingdom today can expect to celebrate their hundredth birthday and housing will have an important role to play in ensuring healthy and independent living as our society ages.
‘I look forward to seeing this partnership result in more high-quality, affordable retirement properties that are not just homes, but strong communities too.’