The luxury retirement village operator Audley Retirement will build 2,500 affordable homes for the over 55s over the next five years
Following the successful acquisition of Audley by the Moorfield Audley Real Estate Fund (MAREF) for £170m, Audley Retirement has been assessing further growth opportunities and is now committed to launching two villages a year for the next five years under its new Mayfield Villages brand offering a total of some 2,500 homes.
With the cost of the apartments starting from £200,000, prospective owners will be likely to own family homes worth £200-£400k depending on location.
Some 19 million people are over the age of 55 in the UK, and 80 per cent of them are homeowners, representing £1 trillion in housing equity. However, despite 58 per cent of over 60s actively looking to downsize, and 99 per cent saying they do not want to live in a care home, there is a chronic under-supply of suitable housing.
Nick Sanderson, CEO of Audley said: “The demand versus supply for high-quality retirement housing has long been an issue in the UK market, with the desire to downsize simply not being met with enough quality options.
[pullquote1 quotes=”true” align=”right” variation=”purple”]Mayfield represents the next stage of development for our business. It is an exciting step forward in meeting this growing demand with high-quality housing and facilities across the whole market[/pullquote1]
“The more research we did, the more we realised there was a lack of contemporary, aspirational and secure retirement properties with flexible care provision in the middle section of the market that needed to be addressed.
“The growth potential for the retirement village sector is huge, and allowing older people to downsize from family homes into properties better suited to both their current and future needs frees up homes for others, creating much-needed movement in the property market.
“Mayfield represents the next stage of development for our business. It is an exciting step forward in meeting this growing demand with high-quality housing and facilities across the whole market.”
The first two village sites will provide 500 units and the size of Mayfield properties will range from 525sqft for a one-bed unit to 775sqft for two-bed apartments.
They will also provide health clubs including swimming pools, restaurants, and fitness rooms, as well as care available on site. Mayfield customers can use the facilities on their doorstep, as well as enjoying their own homes and independence.
Watch this space for updates so you can be among the first to learn more details about this new exciting brand. For more information on Audley Retirement visit www.audleyretirement.co.uk