The funding will be made available via a loan from the government’s £4.5bn Home Building Fund.
The scheme will offer independent homes with care provision, as well as health, wellbeing, care and leisure facilities.
Property owners and members of the local area will also benefit from access to the Care Quality Commission-rated Mayfield Care.
The project incorporates elements of MMC, covering build and project management activities.
This follows the launch of Audley Group’s joint venture with BlackRock Real Assets in May.
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Peter Denton, chief executive at Homes England, said: “First and foremost, this will enable hundreds of later life customers to enjoy high-quality, independent living accommodation for years to come.
“The area will benefit from enhanced care provision and family homes will be freed up for the next generation.
“Our loan directly addresses market funding challenges due to the pandemic and highlights our commitment to ensuring diverse communities."
Nick Sanderson, CEO at Audley Group, commented: “The transaction with Homes England is an important milestone for the retirement living sector.
“A coming-of-age government backing underlines the importance placed on increasing provision in the retirement living sector and developing more innovative housing solutions.
“Our aspiration to transform retirement is shared with both Homes England and BlackRock Real Assets and this will be the focus as we look to the future.”