Scottish housebuilder Springfield Properties has entered into a strategic collaboration agreement with Barratt Developments’ subsidiary BDW Trading for the development of 3,000 new homes at a site in Durieshill near Stirling.
The new sustainable village will feature private and affordable homes in addition to new schools, shops and other commercial space on a 600-acre site.
Under the terms of the agreement, Barratt will – in consideration for half of the land at Durieshill – provide and fund the infrastructure development for the entire site and has made a cash payment of £10m to Springfield for an 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.
Innes Smith, CEO of Springfield Properties, 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. We are eager to work with Barratt to establish a thriving village at Durieshill.
“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.”
