Property developer HBD is set to deliver 426,000ft2 at its New Horizon scheme in Nottingham, following a £53.8m funding deal with Oxenwood Real Estate.
New Horizon is a 28-acre site in Nottingham, which will now see the creation of seven urban logistics buildings ranging from 30,000ft2 to 145,000ft2. Since acquiring the site, HBD has completed extensive works to bring it back into use in preparation for development commencing.
Nearby occupiers include Booker, Boots, ZF Services, DHL, Games Workshop, Aston Martin, Audi, Nissan, Ford, Sytner Group, Macfarlane Packaging, and Big Yellow.
HBD will soon be submitting plans to Nottingham City Council for approval so that work can start on the site to deliver the investment and new jobs as quickly as possible, and if planning permission is secured, the site is set to be complete in 2023.
Justin Sheldon, Director and Head of Region at HBD said: “The development of New Horizon, with a range of units and sizes will appeal to a variety of businesses and sectors, which will drive inward investment into the city and create new jobs. We are very pleased to be working with Oxenwood and look forward to bringing our plans forward.”
Jeremy Bishop, Co-Founder of Oxenwood added: “This forward-funding agreement will deliver a high-quality first asset to our new fund. The variety of unit sizes is well placed to meet the regional demand profile, where occupiers of older industrial space are looking to expand, and will be delivered in a market with an acute undersupply of 30,000 – 150,000 sq. ft. units. We expect the very high existing power supply will be attractive to power-hungry occupiers.”
HBD were advised by Knight Frank, JLL and Squire Patton Boggs, with Oxenwood represented by M1 Agency, Jones Day and Langham Hall.
