Grosvenor’s UK lending business has provided a £12m loan to a joint venture between Housing Growth Partnership and Villafont Concierge to support the sale of 50 newly completed retirement homes at Herne Bay Gardens, Kent.
The purpose-built later living community for residents aged 60 and over, comprises apartments and bungalows designed to support independent living with on-site amenities including a communal orangery, guest suite for visiting friends and family and integrated support services.
Delivered by Villafont Concierge, part of the McGoff Group, the EPC B-rated homes have been fitted with air source heat pumps and EV charging infrastructure.
Steph Ball, executive director, investment at Grosvenor Property UK, said: “Herne Bay Gardens is a well-conceived scheme addressing a clear and growing need, which is backed by experienced partners and underpinned by long-term demographic trends. As demand for later living housing continues to grow, developments such as Herne Bay Gardens can help broaden housing choice, support independent living and respond to evolving needs across the UK’s housing market. We believe sectors supported by structural trends rather than short-term market cycles will continue to offer attractive opportunities for both borrowers and lenders, and later living is a good example of this.”
Chris McGoff, director at the McGoff Group, added: “Herne Bay Gardens is our first retirement scheme in the south and has been exceptionally well received by purchasers with properties reserving quickly and a new community forming on site as residents move into their new homes. With demand increasing for aspirational developments that meet the discerning needs of those in this later stage of life, we have a number of similar schemes also coming forward that are set to be just as popular.”
