Retirement community developer McCarthy & Stone and not-for-profit care provider Anchor Hanover have established a development partnership to deliver a range of ‘affordable for all’ later living communities across England.
The partnership will initially deliver 482 units across five consented large-scale sites owned by McCarthy & Stone with an indicative gross development value of £125m.
As part of the agreement, Anchor Hanover will pay a total of £67m for the development of 316 extra care apartments, aimed at those in greatest need of supported housing and care.
McCarthy & Stone will act as turnkey developer to Anchor Hanover to deliver these 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 of the developments are set to get underway in Hook, Hampshire and Hinckley, Leicestershire later this year with the next two developments located in Bingley, West Yorkshire, and Standish, Greater Manchester due to commence in early 2021.
The final development will follow in Macclesfield, Cheshire later in 2021.
“Now, more than ever, we need to better align adult social care policy with high-quality and ‘affordable for all’ retirement community solutions,” said McCarthy & Stone chief executive John Tonkiss (pictured, on right).
“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,” he added.
Jane Ashcroft CBE (pictured, on left), chief executive of Anchor Hanover 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.”
