Springfield receives first PRS planning approval

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."   

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