Under the terms of the agreement, BDW Trading, the principal operating subsidiary of Barratt Developments gets half of the land at Durieshill in exchange for providing and funding the infrastructure development for the entire site over the next five years.
Barratt has also made a cash payment of £10m to Springfield.
Springfield said that brining in Barratt in this way would speed up the development of the site and avoid tying up capital for the next five years
There are plans for 3,000 new homes in Durieshill, a new standalone sustainable village near Stirling and within commuting distance of Edinburgh and Glasgow. Spanning 600 acres, Duriesithill is the largest detailed planning application for housing development to be approved in Scotland to date, Springfield said.
Springfield has received £10m from the sale of the initial 34 acres of land. The remaining land will be exchanged for the provision of site infrastructure over the coming years as development milestones are achieved.
Springfield Properties chief executive Innes Smith said: “Due to the substantial size of this site, this partnership marks a significant milestone for Springfield, emphasising the worth of our extensive land holdings with planning permission in sought after locations throughout Scotland. The infrastructure support provided by Barratt in this collaboration will enhance Springfield's growth prospects in the medium term, minimise risks and optimise our return on capital.”
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