Springfield Properties has signed its first agreement with SSEN Transmission to build 293 homes in the north of Scotland for workers involved in upgrading the energy network.
The homes will be built on six sites across Highland, Moray and Aberdeenshire and leased for four years.
At the end of the lease period, Springfield will have the option of selling the houses privately, or to private rented sector providers as well as affordable housing providers.
The group is discussing further agreements with SSEN Transmission and other major infrastructure providers to deliver housing on a similar basis to support the upgrade of energy infrastructure in the north of Scotland.
The agreement was outlined in a trading update which showed the company expects to report almost unchanged revenue of approximately £106 million for the six months ended 30 November from £105.6m in the prior year. Net bank debt has significantly reduced to approximately £40m from £62.9m.
Innes Smith, CEO of Springfield, said: “The build and multi-year lease of housing will allow us to receive income over the course of the lease as well as having additional attractive options at the conclusion of the lease period.”
On trading, he said lower interest rate cuts will help boost housebuilding.
“We are pleased to have performed in line with our expectations for the first half, including a significant reduction in bank debt compared with this time last year,” he said.
“In private housing, we are hopeful that an increase in consumer confidence following the publication of the UK Budget, along with expected interest rate cuts, will provide a boost to homebuying in the 2026.
“We are continuing to perform well in affordable housing, with almost all of our FY 2026 forecast revenue already delivered or contracted.
“Accordingly, we remain on track to deliver results for the full year in line with market expectations and look forward to reporting on our progress as each of these initiatives progresses.”
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