Homes England has pumped funds amounting to £40m for the development of Watford Riverwell scheme in Hertfordshire by the retirement homes developer Audley Group’s. To cater for the older living sector, the loan is one of the first from Home Building Fund from the £4.5bn and is set to speed the development of 255 mid-market retirement homes.
Balfour Beatty has acquired a £68m tender from Audley Group for one- and two- bedroom mix apartments. The firm will also play a big role in construction of communal facilities consisting of restaurant, swimming pool, a health club and a multi-purpose village hall with green spaces and parking surrounding. Balfour Beatty will make 180 apartment balconies offsite, which will help in reducing the risk of working at height and raise the overall project efficiency. The development of Watford Riverwell scheme preliminary works are already underway and the main construction works are is set to complete in 2023. Peter Denton, the Homes England Chief Executive, said: “The loan directly addresses market funding obstacles due to the pandemic and points out our devotion to ensuring diverse communities.”
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Improved housing.
The CEO, Audley Group, Nick Sanderson said: “The development of Watford Riverwell scheme agreement with Homes England is a prime milestone for the retirement living sector. “Our aspiration to modify retirement is shared with both Homes England and BlackRock Real Assets and this will be the attention as we look to the future.” A coming of age. Government backing shows the needs placed on increasing provision in the retirement living sector and delivering more innovative housing solutions.
The project is a cornerstone to the larger Riverwell regeneration scheme in what is a priority location for the agency, helping it to develop more ambitious plans. The development of Watford Riverwell scheme also incorporates components of Modern Methods of Construction, covering build and project management undertakings. Home England had also earlier funded the Queens Drive redevelopment project in Swindon.