Springfield Pr. Regulatory News (SPR)

10 September 2019

Springfield Properties plc

("Springfield" or the "Group")

Springfield expands to Inverness with key land acquisition

New development strengthens Springfield's growing footprint in the Highlands

Springfield Properties (AIM: SPR), a leading housebuilder in Scotland offering private and affordable housing, is pleased to announce its first land acquisition in Inverness as the Group continues its geographic expansion into the Highlands.

With this purchase at Easterfield Farm in Inverness, along with other land recently secured in surrounding areas, Springfield is establishing a strong foothold in the Highlands, adding to its developments in major cities and towns across Scotland.

With this 14-acre development for approximately 90 homes, Easterfield Farm will become the first Springfield development in the city, marking a key milestone for Springfield as it continues to execute its growth strategy. Springfield expects to begin selling homes at Easterfield Farm later this year.

In total, Springfield is considering plans for approximately 3,000 new homes across a number of developments in, and around, Inverness and in Highland towns and villages, including Ardersier, Drumnadrochit, Dornoch and Beauly.

Springfield's Chief Executive, Innes Smith, said:

"We expect to start selling homes at Easterfield later this year. The development, which is near to Drummossie Hotel, the University of the Highlands and Islands, Inshes Retail Park and just 15 minutes from Inverness Airport, will include of mix of private and affordable high-quality homes.

"We have grown Springfield by focusing on customers and on geographic expansion across Scotland. This approach is successful for us. Springfield started as a small developer in Moray. We now have three great brands operating across Scotland, have listed on the AIM market and have 750 employees and hundreds of sub-contractors building around 1,000 homes this year.

"In recent years, we've developed a stronger presence in Glasgow and Edinburgh, and we are already highly active in Dundee and Perth. Now we are in a position to include Inverness in our portfolio, which is the next step for our growth.

"Inverness is a great city, rich in history, and spoilt with some of Scotland's best scenery right on its doorstep. It's the gateway to the Highlands, with plenty of employment opportunities, and we are looking forward to working with the council to deliver great quality homes in the area.

"Our homes are stylish, high quality builds and are energy efficient, which keeps running costs low. We give customers Choices so they can tailor their home to suit them - from the design of the kitchen to the paint colour on the walls. We are excited to start selling in Inverness and working to secure planning permission for our other developments in the near future."

For more information on Springfield, visit www.springfield.co.uk

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