Leading Scottish housebuilder, Springfield Properties, has announced that it has signed a binding agreement for the sale of approximately 45 acres of land for £4.2 million.

The land, which equates to 190 plots, is fully owned by the Group, such that the cash inflow to the Group will be £4.2m.

The Group will receive £830k on completion of the sale, which is expected later this month, with the remainder to be paid by 22 May 2024. The proceeds from the sale will support the Group’s ongoing target to reduce Group debt.

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Innes Smith, CEO of Springfield Properties, said: "We are pleased to have agreed another profitable land sale as we continue to deliver on our strategy to reduce our debt position. In the last two months, we have secured almost £10m in land sales, with the proceeds to all be received during the current financial year – and without any impact on our development pipeline for the coming years. We continue to receive strong demand for our large, high quality land bank. Accordingly, this sale, alongside others that we expect to conclude in the near-term, mean that we are well-positioned to meet our debt reduction targets."