Springfield Properties PLC Springfield receives first PRS planning approval
November 30 2020 - 2:00AM
RNS Non-Regulatory
TIDMSPR
Springfield Properties PLC
30 November 2020
30 November 2020
Springfield Properties plc
("Springfield" or the "Company")
Springfield receives planning approval for first private rental
homes
75 homes at Bertha Park Village to become Springfield's first
homes delivered under PRS partnership
Springfield Properties plc (AIM: SPR), a leading housebuilder in
Scotland offering private and affordable housing, is pleased to
announce that it has been granted planning approval for 75 homes to
be built for the private rental sector ("PRS") at the Company's
Bertha Park Village in Perth, Scotland. This marks Springfield's
entry into PRS housing, delivering purpose-built houses for
families to rent, and is expected to provide the Company with an
additional, visible and secure revenue stream.
Bertha Park is a Village development comprising private and
affordable housing, alongside neighbourhood amenities, such as a
convenience store, playpark and secondary school, and plenty of
greenspace. Perth and Kinross Council has now approved the
construction of 75 houses for families to rent privately, which
will comprise 22 two-bedroom terraced houses, 49 three-bedroom
semi/terraced houses and four four-bedroom semi/terraced
houses.
This is Springfield's first development to be approved for PRS
housing and follows the Company entering into a strategic
partnership last year with a high-quality PRS provider who
specialise in suburban, family homes built to rent. Springfield
will deliver the housing under a fixed-cost design and build
contract, which, following handover, will be owned, let and managed
by the Company's partner. The development of PRS housing can offer
Springfield a further revenue stream, with strong cash flow
visibility, and it is expected to increase the build out rate of
the Company's Villages.
Innes Smith, CEO of Springfield Properties, said: "We are
delighted to have received consent to build our first houses for
the private rental market, underscoring our commitment to develop
mixed-tenure Villages that meet everyone's housing needs. These
high-quality, professionally-managed homes will be an asset to the
community and attract those who might not yet be ready to buy but
want to benefit from everything our Villages have to offer. The
development of PRS housing will also further diversify our revenue
streams and provide additional visibility over future sales. We
look forward to delivering these houses for PRS at Bertha Park and,
in due course, at our other Village developments to increase
housing choice and help set a new standard for the creation of
successful, sustainable communities in Scotland."
Enquiries:
Springfield Properties
Sandy Adam, Chairman
Innes Smith, Chief Executive Officer +44 1343 552550
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N+1 Singer
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Shaun Dobson, James Moat (Corporate
Finance)
Rachel Hayes (Corporate Broking) +44 20 7496 3000
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Luther Pendragon
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Harry Chathli, Claire Norbury, Alexis
Gore, Joe Quinlan +44 20 7618 9100
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