(Alliance News) - McCarthy & Stone PLC on Thursday said it has established an affordable care and retirement housing partnership with non-profit care home company Anchor Hanover.
The pact will initially see the duo deliver 482 units across five sites, which are currently owned by McCarthy & Stone and have a gross development value of about GBP125 million.
"As part of the agreement, Anchor Hanover will pay a total of GBP67 million for the development of 316 extra care apartments, aimed at those in greatest need of supported housing and care. McCarthy & Stone will act as turn-key developer to Anchor Hanover to deliver these apartments - of which 124 will be affordable rent and 192 will be shared ownership," McCarthy & Stone added.
"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 these developments are set to kick off later this year in Hook and Hinckley, located in Hampshire and Leicestershire, respectively. Two developments located in Bingley, West Yorkshire, and Standish, Greater Manchester, will kick off soon after in early 2021 before the final site in Macclesfield, Cheshire later that year.
Shares in the company were 0.4% higher at 70.10 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.