Housebuilder Springfield Properties has been granted approval to build 75 homes for rent at Perth’s Bertha Park development.
The planning approval from Perth and Kinross Council marks the firm’s first entry into the private rental sector (PRS) market.
The development, located to the north of Bertha Park High School on the city’s western edge, will comprise 22 two-bedroom terraced houses, 49 three-bedroom terraced houses and four four-bedroom terraced houses.
Elgin-based Springfield will deliver the housing under a fixed-cost design and build contract, which will be owned, let and managed by its partner.
Revenue streams
Innes Smith, chief executive 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.”
Village development
Springfield agreed a collaboration with Sigma, which specialises in family homes built to rent, in September 2019.
In a stock market announcement, Springfield added: “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.”
Planning permission for Bertha Park was approved in December 2016 for a development of 1,061 dwellings.
Construction is ongoing with more than 150 units completed and occupied alongside commercial units and Bertha Park High School.
In the initial planning permission the site that will now have the build to rent homes was allocated for 68 flats and houses.
The build for rent development will also include a small park.
