The 75 homes will be built at its Bertha Park Village development in Perth, Scotland. The entry into PRS housing for families to rent is expected to provide the company with an additional and secure revenue stream.
Bertha Park comprises private and affordable housing, alongside neighbourhood amenities, such as a convenience store, playpark and secondary school, and greenspace. Perth & 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.
It is Springfield’s first development to be approved for PRS housing and follows the company entering into a strategic partnership last year with a PRS provider that specialises 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. Springfield said that the development of PRS housing can offer Springfield a further revenue stream and that it is expected to increase the build-out rate of the company’s ‘village’ developments.
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.”