Development plans include 1,450 homes, schools, town centre and retail and commercial space
The masterplan for a £1 billion housing and infrastructure development at Winchburgh in West Lothian has been granted planning approval in principle by West Lothian Council.
The Winchburgh development plan, led by Regenco Trading Ltd, includes 3,450 homes, town centre community facilities, retail and commercial space and transport connections.
Detailed planning applications for the first phase of residential development covering 177 new homes will now be submitted for approval.
Sigma Capital's property division has already secured contracts on behalf of Regenco Trading Ltd with Barratt Homes and Miller Homes for the delivery of the first phase of the development.
Work on site is anticipated to start in late summer.
Sigma chief executive Graham Barnet said: “The granting of planning permission in principle by West Lothian Council for the Winchburgh Development masterplan unlocks the development of this substantial site.
“We are delighted to have reached this landmark and will be supporting the next stage, which involves the early delivery of 177 new homes.”
Sigma has been working with Regenco since 2010, managing the planning and commercial negotiations with West Lothian Council on their behalf.
The Edinburgh-based asset management firm secured a new five-year, £1.8 million contract with Regenco in March to continue work on the Winchburgh development.
The development, situated 14 miles west of Edinburgh, covers an area of around 870 acres.
As well as nearly 3,500 new homes, the masterplan also includes five new schools, a town centre, town park, retail facilities, a commercial park, rail and road infrastructure - including a new motorway junction - train station and ‘park and ride’ facilities.