Elgin firm Springfield Properties has entered a partnership to build more than 3,000 affordable homes.
The project, in collaboration with housebuilder Barratt Developments, will create a new village worth £776 million.
Initial groundworks are expected to begin later this year, creating more than 200 jobs, apprentice roles and local supply chain opportunities.
The new 3,042-home village, Durieshill, will be located across almost 600 acres of land near Stirling.
The development will include the building of new schools, local shops as well as business and commercial opportunities.
Springfield to clear debt target with land sale
The project is one of Scotland’s largest approved planning application for housing and community infrastructure to date.
Barratt Developments will provide and fund the infrastructure development for the entire site.
It has also made an initial payment of £10m to Springfield for 34 acres of the land, which will “significantly accelerate” the development of the site.
The remaining land will be exchanged for the provision of site infrastructure over the coming years once milestones are achieved.
Springfield Properties saw its pre-tax profits drop by 70% in its latest accounts to £2m.
The group now expects to report bank debt of around £41m as at 31 May 2024, ahead of its stated target of £55m.
Springfield to making council’s 20-year-old Durieshill vision come to life
Springfield Properties chief executive Innes Smith believes the village development will inject “significant investment” into the Durieshill economy.
He said: “Durieshill is more than just housing – it’s a place where people will live and work.
“The development of the village will inject significant investment into the local economy, making a huge contribution to the area with employment and apprenticeship opportunities in the hundreds.”
Mr Smith, who has been with the Elgin firm for 19 years, said the firm has been working closely with Stirling Council on the project.
He added: “This village has been a vision of Stirling Council for over 20 years.
“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.”
Barratt Developments Scotland regional managing director, Douglas McLeod, is keen to address the “huge demand” for new homes in Scotland.
The infrastructure programme is set to include significant upgrades to Roman Road, electrical supply works and sewage works.
Durieshill will also incorporate extensive green spaces, including woodland, community landscaping and allotments and pocket parks.
Conversation