Sigma Capital begins first PRS development in Scotland
Private rented sector (PRS) development specialist Sigma Capital announced the start of its first PRS development in Scotland with Springfield Properties as its strategic delivery partner on Tuesday.
The AIM-traded firm said the site would be the first development of single family homes for the private rented sector in Scotland.
It also marked the launch of Sigma's rental brand, ‘Simple Life’, in Scotland.
The site would comprise 75 family rental homes with a combined estimated rental value of around £0.76m per annum.
It was part of a new standalone village development of around 3,000 homes already underway by Springfield at Bertha Park, outside Perth on the Ruthvenfield Road.
The gross development cost of Sigma's site would be £11.75m, including land acquisition, and as with Sigma's other PRS developments, it was being delivered under a fixed-price 'design and build' contract.
Construction on the site was expected to begin in late March.
The company said the new village development was being designed with strong transport links and community amenities.
That included a newly-built secondary school, Bertha Park High School, which opened recently.
Sigma's new rental homes would be a mix of two, three and four bedroom houses, both terraced and semi-detached.
“Our strategic delivery partner, Springfield Properties, is an award-winning house builder and demand for its village developments is increasing,” said chief executive officer Graham Barnet.
“Bertha Park Village offers larger homes with gardens, ample green space, and community facilities, all within commuting distance of cities, and we anticipate strong demand for our homes.
“There is a significant undersupply of quality rental homes in Scotland and we look forward to continuing to deploy additional resource in order to help meet this need.”
At 1230 GMT, shares in Sigma Capital were up 1.48% at 157.8p.