Shares of Elgin-based housebuilder Springfield Properties rose about 5% on Monday after it said it secured 400 acres of zoned land in Livingston, West Lothian, to develop a 1,900-home site.
“This agreement expands Springfield’s sales presence to a geographic area that is undergoing rapid growth,” said Springfield.
“The new site, which has a GDV of over £400 million, 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 said it 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.
Springfield executive chairman Sandy Adam 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.”