Springfield Pr. Share News (SPR)

(Sharecast News) - Scotland-based housebuilder Springfield Properties announced on Wednesday that its 3,042-home 'village' development at Durieshill, Stirling has been granted planning consent, subject to completing a section 75 agreement with Stirling Council.
The AIM-traded firm said that was a "significant milestone" in the development of Springfield's fourth village.

It confirmed the Durieshill development was granted the conditional approval by the Environment and Housing Committee of Stirling Council.

It was Springfield's largest development to receive planning permission to date, with management believing it was one of the largest developments to have been approved in Scotland.

Durieshill, which is located less than a mile south of Stirling within the commuter belt for both Glasgow and Edinburgh, covered an area of 593 acres and was expected to take more than 20 years to complete.

With a gross development value of around £650m , the village would have a mix of private, affordable and private rented sector homes.

It would also include community facilities such as a primary school, secondary school and library, a 30-unit care facility for the elderly, and commercial units.

Springfield said it expected to enter into the section 75 agreement with Stirling Council, which would contain certain planning obligations, and to start work on site, by late autumn 2020.

The group said it anticipated that the first homeowners would move in during calendar year 2022.

"We are delighted to have received approval for Durieshill, which we believe is the largest detailed planning application to have been approved in Scotland," said chief executive officer Innes Smith.

"This will be our fourth village development and this consent is an important milestone in the delivery on our strategy."

Smith said the company's villages were designed to accelerate the provision of the many new homes needed across Scotland, as well as provide everything a community required to flourish.

"We are proud of the progress that we have achieved with our village developments and we will now work diligently to ensure everything is in place to commence work on site at Durieshill by late autumn 2020."

At 1245 GMT, shares in Springfield Properties were up 8.12% at 138.4p.