Springfield Properties has formed a strategic partnership with BDW Trading (Barratt), the principal operating subsidiary of Barratt Developments, for the Durieshill site’s development in Scotland.
This collaboration aims to create a new village near Stirling, which is within commuting distance of major cities Edinburgh and Glasgow.
The Durieshill project, spanning nearly 600 acres, is set to be the largest housing development in Scotland with detailed planning approval.
The site will feature 3,000 private and affordable homes, new schools, local shops, business opportunities, community woodlands, and green space.
Under the terms of the agreement, Barratt will take responsibility for half of the Durieshill land and will provide and fund the infrastructure development for the entire site over the next five years.
Additionally, Barratt has made a cash payment of £10m ($12.73m) to Springfield.
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By GlobalDataThe infrastructure provision by Barratt is expected to expedite the development process while allowing Springfield to avoid tying up capital for the next five years.
Springfield CEO Innes Smith said: “We are delighted to collaborate with Barratt on this exciting project at Durieshill. Our shared values and goals in constructing quality homes and fostering sustainable communities, combined with Barratt’s five-star reputation, will offer customers increased choice and accelerate delivery in this premier development.
“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.”
Springfield has already received £10m in cash from the profitable sale of the initial 34 acres of land.
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 land sale will contribute to reducing Springfield’s debt.
