Scotland’s only quoted housebuilder has taken a further step in growing its distinctive ‘village’ development strategy with the announcement today that its fourth example, at Durieshill, Stirling, has been granted planning consent. The company’s largest to date, it will feature Springfield’s multitenure capabilities, providing private, affordable and private rented homes.
The 3,042-home village development has been granted planning consent, subject to completing a Section 75 agreement (the Scottish equivalent of England’s Section 106 ‘planning gain’ requirement) with Stirling Council. It is Springfield's largest development to receive planning permission to date and is believed to be one of the largest yet approved in Scotland.
The 593 acre site is located less than a mile south of Stirling, within the commuter belt for Glasgow and Edinburgh. It has an estimated gross development value of c. £650m. Durieshill will have a mix of private, affordable and private rented (PRS) homes and will include community facilities such as a primary school, secondary school and library, a 30-unit care facility for the elderly and commercial units.
Work is expected to start in late autumn 2020 and take over 20 years to complete. The first homeowners are expected to move in during CY 2022.
We view the village approach as being one of Springfield’s ‘USPs’, as detailed in our initiation note, Local hero, 12 February 2019. We believe Springfield stands to benefit from Scotland’s under-supply of private and affordable housing – with the latter reflecting not only planning requirements on private-led developments, but also the company’s partnerships housing associations and councils to supply affordable homes in their own right and has established with Sigma Capital a JV to supply the nascent Scottish PRS market.
Yesterday Springfield issued its HY trading statement indicating trading was in line with expectations.