Shares of Elgin-based Springfield Properties, which is building a number of new communities throughout Scotland, rose another 8% on Wednesday as it announced its 3,042-home village development at Durieshill, Stirling, has been granted planning consent.
Springfield had already seen its shares soar about 20% in the past week thanks to greater market certainty since the UK general election and a positive trading update.
“This represents a significant milestone in the development of Springfield’s fourth village,” said Springfield Properties.
“The Durieshill development was granted the conditional approval by The Environment and Housing Committee of Stirling Council.
“It is Springfield’s largest development to receive planning permission to date and management believe it is 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 Glasgow and Edinburgh, covers an area of 593 acres and is expected to take over 20 years to complete.
“With a GDV of approximately £650 million, the village will have a mix of private, affordable and private rented (PRS) homes.
“It will 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 expects to enter into the Section 75 agreement with Stirling Council, which will contain certain planning obligations, and to commence work on site by late autumn 2020.
“The group anticipates that the first homeowners will move in during calendar year 2022.”
Springfield Properties CEO Innes Smith said: “We are delighted to have received approval for Durieshill, which we believe is the largest detailed planning application to have been approved in Scotland.
“This will be our fourth village development and this consent is an important milestone in the delivery on our strategy.
“Our villages are designed to accelerate the provision of the many new homes needed across Scotland as well as provide everything a community needs 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.”