Elgin-based listed house builder Springfield Properties plc said it has sold land equating to 170 plots at one of its sites in Central Scotland for £12 million.

“The group received the full consideration for this profitable land sale in cash upon completion,” said Springfield.

“The group has used £6.5m of the proceeds to pay the final consideration for its acquisition of the Scottish housebuilding business of Mactaggart & Mickel Group as announced on 22 June 2022.

“As part of the acquisition, there was £30.8m of deferred consideration payable proportionally as homes were sold over five years.

“As at 31 May 2026, the outstanding deferred consideration was £20.7m, which has now been satisfied.”

Springfield Properties CEO Innes Smith said: “Two years ago, we set out a clear strategy to unlock value from our substantial land bank through a series of profitable land sales, and this transaction marks the successful completion of that programme.

“As recently announced, we reached a net bank cash position ahead of market expectations.

“Now, by applying proceeds from this land sale to settle the final Mactaggart & Mickel acquisition payment, we have also completed the deferred consideration significantly ahead of schedule.

“This milestone further strengthens our balance sheet and our position to capitalise on future growth opportunities.”