Springfield Properties PLC Strategic land deal for 1,900-home site (0845W)
July 30 2018 - 2:01AM
UK Regulatory
TIDMSPR
RNS Number : 0845W
Springfield Properties PLC
30 July 2018
30 July 2018
Springfield Properties plc
("Springfield" or the "Company")
Springfield secures strategic land deal for 1,900-home site
Springfield Properties (AIM: SPR), a leading housebuilder in
Scotland offering private and affordable housing, is pleased to
announce that it has secured approximately 400 acres of zoned land
in West Lothian, Scotland to develop a 1,900-home site. This
agreement expands Springfield's sales presence to a geographic area
that is undergoing rapid growth.
The new site, which has a GDV of over GBP400m, is located on the
south west border of Livingston, which is the largest town in West
Lothian and the seventh largest settlement in Scotland. Livingston
has established infrastructure and transport links with access to
both Edinburgh, which is approximately 15 miles to the east, and
Glasgow, which is approximately 30 miles to the west. The area has
undergone rapid development with one of the fastest growing
populations in Scotland. As a result, there is significant demand
for residential property with West Lothian council committed to
building 3,000 new homes by 2022 while between October 2017 and
February 2018, Livingston residential property was the quickest
selling in the UK.
Springfield is now working on a masterplan for the site and
expects to submit a detailed planning application for phase 1 of
approximately 600 private and affordable homes by early 2019. The
area is zoned for 1,900 homes as well as commercial units and a
primary school. The Company intends to develop the site as a new
neighbourhood within Livingston. The Company will pay for the land
in instalments, subject to planning being received.
Sandy Adam, Executive Chairman of Springfield, said: "I am
delighted that we have secured this significant land deal, which
extends our years of activity - strengthening our long-term future.
It is an excellent site in a location with high demand for new
homes thanks to its easy access to both Edinburgh and Glasgow. We
have a proven track record in delivering long-term projects like
this one and by applying the expertise that we have gained through
the development of our villages, we can accelerate the successful
development of this new site. We would expect to be able to begin
selling homes around three years from now. We look forward to
working with West Lothian Council to bring to life the vision they
have for this area to provide much-needed new homes and create a
new desirable locality within the established town of
Livingston."
Enquiries
Springfield Properties
Sandy Adam, Executive Chairman
Innes Smith, Chief Executive Officer +44 1343 552550
-----------------
N+1 Singer
-----------------
Shaun Dobson, James White +44 20 7496 3000
-----------------
Luther Pendragon
-----------------
Harry Chathli, Claire Norbury, Alexis
Gore +44 20 7618 9100
-----------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGMGZNRLFGRZM
(END) Dow Jones Newswires
July 30, 2018 02:01 ET (06:01 GMT)
Springfield Properties (LSE:SPR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Springfield Properties (LSE:SPR)
Historical Stock Chart
From Apr 2023 to Apr 2024