Two housebuilders have announced that they will team up to deliver Scotland’s biggest ever housing development.
Moray-based Springfield Properties and Balmedie-headquartered Barratt Developments have entered into an agreement to develop the Durieshill site, near Stirling.
Spanning nearly 600 acres, Durieshill is the largest detailed planning application for housing development to be approved in Scotland to date.
The project will deliver 3,000 private and affordable homes alongside new schools, local shops, community woodlands and greenspace.
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, expected to be over the next five years, and has made a cash payment of £10million to Springfield.
Springfield said the provision of site infrastructure by Barratt “will significantly accelerate the development of the site”, whilst eliminating its requirement to tie up capital for the next five years.
Springfield has received £10million 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
Innes Smith, CEO of Springfield Properties, said: "We are delighted to collaborate with Barratt on this exciting project 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."
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