30th Jul 2018 12:32
LONDON (Alliance News) - Springfield Properties PLC has bought around 400 acres of land in Scotland for the development of 1,900 homes, the company said on Monday.
The company said the land, which is located by West Lothian in Scotland's largest town, Livingston, has a gross development value of GBP400 million.
West Lothian Council has committed to building 3,000 new homes in the area by 2022, and Springfield said it is now working on a "masterplan" for the site.
It hopes to submit a planning application for phase one of the work during early 2019, in which it would build 600 affordable homes.
Executive Chairman Sandy Adam commented: "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."
Shares were 4.9% higher on Monday at a price of 128.50 pence each.
Related Shares:
Springfield Pr.