Grosvenor provides £12m loan to support Kent retirement home sales
The finance was provided to a joint venture between Housing Growth Partnership and Villafont Concierge, part of McGoff Group.
Grosvenor’s lending business has provided a £12m loan to support the sale of 50 completed retirement homes at Herne Bay Gardens in Kent.
The finance was provided to a joint venture between Housing Growth Partnership and Villafont Concierge, part of McGoff Group.
The development forms part of a nine-acre senior living community that also includes a care home.
The properties have energy performance certificate (EPC) B ratings, air source heat pumps and electric vehicle charging infrastructure.
Steph Ball, executive director of 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 McGoff Group, said: “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.”
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