Planning is in place for the 600-acre site, which includes 3,000 private and affordable homes, as well as schools, local shops, among other elements. 

Under the terms of the agreement and in consideration for half of the land at Durieshill, Barrett will  provide and fund the infrastructure development for the entire site and has made a cash payment of £10m to Springfield. 

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

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Springfield has received £10m 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 profitable land sale will contribute to reducing Springfield’s debt — the group expects to report bank debt of around £41m as of 31st May 2024, ahead of its stated target of £55m.

Innes Smith, CEO at 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.”