Housing tie-up

Springfield and Barratt to build village with 3k homes

Durieshill will be built over five years (image contributed)

Springfield Properties has teamed up with BDW Trading, the principal operating subsidiary of Barratt Developments, to build a village of 3,042 homes near Stirling.

The Durieshill site has planning in place for private and affordable homes alongside new schools, local shops and other business opportunities, community woodlands and greenspace.

Spanning nearly 600 acres, Durieshill is the largest detailed planning application for housing development to be approved in Scotland. 

Barratt will, in exchange for half of the land, provide and fund the infrastructure development for the entire site, expected to be over the next five years, and has made a cash payment of £10m to Springfield for an initial 34 acres.

The provision of site infrastructure by Barratt will significantly accelerate the development of the site, whilst eliminating Springfield’s requirement to tie up capital for the next five years.

The remaining land will be exchanged for the provision of site infrastructure over the coming years as development milestones are achieved. The cash proceeds from the profitable land sale will contribute to reducing Springfield’s debt. The group expects to report bank debt of c. £41m as at 31 May 2024, ahead of its stated target of £55m.

Innes Smith, CEO of Springfield Properties, said: “Due to the substantial size of this site, this partnership marks a significant milestone for Springfield, emphasising the worth of our extensive land holdings with planning permission in sought after locations throughout Scotland.

“The infrastructure support provided by Barratt in this collaboration will enhance Springfield’s growth prospects in the medium term, minimise risks and optimise our return on capital.”

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