Elgin-based Springfield Properties, which is building a number of new communities throughout Scotland, said it has signed an agreement for the sale of 11.2 acres of land for £8.7 million.

The firm said the proceeds from the sale “will support the group’s ongoing target to reduce debt.”

Springfield Properties CEO Innes Smith said: “We are pleased to have agreed another profitable land sale, which brings the total since October 2023 to over £18m.

“With one of the largest, high-quality land banks in Scotland, these sales are an attractive way of monetising our land bank without impacting our development pipeline.

“We are in advanced negotiation regarding further land sales, which remains a key element of our strategy to reduce our bank debt.”

The land sold in the latest transaction equates to 85 plots. Springfield expects to receive £6.5 million in the current financial year and the remainder in the following year.