Springfield Properties offloads 45 acres for £4.2m

Springfield Properties said on Monday that the land, which equates to 190 plots, was fully owned by the group, meaning that the cash inflow to the group will be the full £4.2m sale price.

The AIM-listed firm added that it will receive £830,000 on completion of the sale, which was expected later in December, with the remainder to be paid by 22 May 2024. Proceeds from the sale will support Springfield's ongoing target to reduce group debt.

Chief executive Innes Smith 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 £10.0m 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."

As of 1115 GMT, Springfield shares were up 2.22% at 73.60p.

Reporting by Iain Gilbert at Sharecast.com