McStone and Anchor Hanover announce partnership
McCarthy &
Stone and Anchor Hanover have joined forces to deliver “affordable for all”
later living communities across England.
In partnership, McStone,
the retirement housing giant, and Anchor Hanover, England’s largest
not-for-profit provider of specialist housing and care for older people, will initially
create 482 units across five large sites which McStone own and each with
planning consent.
Under the
agreement - with a gross development value of around £125 million - Anchor
Hanover will pay £67 million for the development of 316 Extra Care apartments for
those in the greatest need of care. And McStone will act as turn-key developer
to Anchor Hanover to deliver the apartments, which will consist of 124 for affordable
rent and 192 for shared ownership.
McStone will sell
and manage a further 166 Retirement Living units on land close to Anchor
Hanover’s sites.
The first two
schemes are due to start construction in Hook, Hampshire and Hinckley, Leicestershire
later this year, with the next two beginning in Bingley, West Yorkshire and
Standish, Greater Manchester, in early 2021. Later next year, the last scheme in
Macclesfield, Cheshire, will start.
With the mix of
tenures across the schemes, the two companies said the partnership would “address
the diverse needs of England’s growing ageing population at a time when it is
most needed”.
They added that
the agreement also met the government’s goal of increasing housing supply and
boosting access to care and support for the older population.
McStone and
Anchor Hanover will look to develop the partnership through embracing other
opportunities to bring their offerings together.
Housing minister Christopher
Pincher said: “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.”
John Tonkiss, McStone’s
ceo, 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.”
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