Springfield Properties has agreed to sell nearly 2,500 plots of land to Barratt Redrow for £64.2m.

The Scottish housebuilder said the proceeds from the sale will be used to more quickly pay down its outstanding bank debt, which stood at £62.9m as of 30 November.

It said the move will also capitalise on the “substantial need for new housing” expected in the north of Scotland due to growth in green infrastructure.