RANGERS chairman Sir David Murray has teamed up with upmarket housebuilder Applecross to launch a £40m joint venture company to build the next generation of design-led houses.
Freespace will create 100 houses this year based on the principle of 'intelligent engineering', enabling households to unlock 'bonus space'.
The houses, which will be built across three sites in central Scotland, will enable homeowners to extend
internally within a matter of weeks.
Applecross marketing director Craig Hall described the concept as "Tardis technology" and said he planned to grow the company to £60m by December 2012.
Hall said: "What we heard from our research with focus groups was that young buyers in the mid-market wanted to extend their properties but were put off by the thought of having the builders in for six months.
"Our designers have looked at unlocking bonus space in a creative and innovative way from such areas as cupboards, floor space, roof space or ceiling space. This is a first in the market and we believe we are ahead of the next wave of regulation.
"The plan is to grow the business to £42m by the end of 2010 and £60m by the end of 2012."
Under the terms of the deal, Applecross will provide the design and creation while Premier Property Group will source the sites and negotiate funding.
The three Scottish sites will be developed this year before a roll-out into England in 2010. The houses will be marketed at the high end of the mid-market, aimed at young professional buyers.
PPG director Jestyn Davies said: "We have a long history of securing consent on land and buying new sites for development. This venture will see our pooled network and resources help Freespace develop to its full potential."
The move is part of a wider strategy by PPG to move away from the investment market and concentrate on its traditional business of property development.
Applecross, which has 80 employees, recently reported a 74% increase in profits to £7.1m on a turnover of £47m. In the past 12 months it has secured a clutch of land deals, including the former BBC Scotland headquarters in the West End of Glasgow.
Last year, PPG and Applecross worked together on a new site in the Trinity area of Edinburgh.
The full article contains 391 words and appears in Scotland On Sunday newspaper.
