The cash for the six sites will be released over four years and will cut its debts.

For Springfield, the deal also marks a change in strategy towards building homes in the north of Scotland for the army of construction workers expected to deliver major green infrastructure projects over the next 10 years.

Scottish and Southern Electricity Networks are investing £31bn into upgrading the electricity network in the region and the project will require around 5,000 worders at its peak in 2027.

In addition, the Inverness and Cromarty Firth Green Freeport is expected to create more than 10,000 jobs locally with new investment of over £3bn.

Springfield has commenced discussions with key stakeholders about how to meet the demand for the new housing required to cater for the significant population growth.

Innes Smith, Chief Executive Officer of Springfield Properties, said: “This profitable land sale will enable us to realise the value of our assets, accelerate our plans to remove bank debt and focus on the significant opportunity in the North of Scotland where we are uniquely positioned to excel.

“New housing is required to cater for the thousands of workers needed to deliver the substantial green infrastructure development coming to the region and the ongoing population growth as result of the economic stimulus these projects will bring.

“With significant land holdings across the Highlands and Moray and an established presence, we are excellently positioned to capitalise on this opportunity.

“In addition, we continue to have a large high quality land bank, with this deal demonstrating the long-term value of that asset. Accordingly, and with a significantly strengthened balance sheet, we continue to look to the future with confidence.”