Housing association to convert luxury retirement home development to 100% affordable after £28m purchase

The scheme was originally completed in 2019. At the time it was launched in 2016, Pegasus Life, a division of Lifestory, said it would offer a “distinctive collection of one and two-bedroom apartments exclusively for people over 60”

However, according to local media reports, Pegasus Life said there was no longer demand for it as other retirement schemes had been built in the area.

Alliance Homes, which was formed in 2006 after a stock transfer from North Somerset Council, said it has since secured planning permission for 100% affordable housing and to lift an age restriction on who can live in the building.

A spokesperson said the building will need to have “some amendments” but it expects residents to move in “in the new year”.

The site also includes a cafe, a restaurant, a spa and a swimming pool.

“We intend to find operators for each of the commercial spaces with the intention that these will have some public access,” the spokesperson said.

The deal was backed by grant funding from Homes England and North Somerset Council, Alliance said.

Iain Lock, director of investment at Alliance Homes, said: “Marina Gardens will provide a range of entry routes for customers and with nominations from Portishead being prioritised for rented homes by North Somerset Council, it will reflect the needs of the local community.”

Over the next 10 years, the association is aiming to develop at least 2,000 new homes for sale and rent across the West of England.

In its last reported full-year to the end of March 2020, the group recorded a post-tax surplus of £7.2m on a turnover of £44.4m.

It has a G1/V1 rating from the Regulator of Social Housing.