Once complete, it will be home to 22 cottages and 106 two-bedroom apartments.
The Audley Scarcroft Park project will be the third secured by Graham with the developer.
Following preparatory groundworks construction is now starting on 18 buildings and the restoration of Grade II listed Scarcroft Lodge.
On completion, Scarcroft Lodge, built in 1830, will be home to the Audley Club which will provide property owners and the local community with a restaurant, health spa with hydrotherapy pool, gym and wellness studio.
The start of the construction comes after Fortwell Capital, a principal lender to developers and investors in the UK and Ireland, financed a £52 million loan facility to the joint venture between Audley Group and Schroders Capital’s UK Retirement Living Fund (ReLF) advised by Octopus Real Estate, to support the development of Scarcroft Park.
The village will be the fourth planned through the joint venture agreement.
Jonathan Hall, Managing Director (England) at Graham, said: “It’s great to have added another retirement living village of this nature to our portfolio with the Audley Group.”
