HBD and Oxenwood complete £54m Power Park

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Property developer HBD has completed Power Park in Nottingham, providing 426,000ft² of sustainable industrial and logistics space on a 28-acre site formerly occupied by Imperial Tobacco.

Construction on the seven units began in May 2022 following a £53.8m forward-funding deal with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate.

Each of the seven units meet BREEAM “Very Good” standards with EPC A rating. The units range from 145,764ft² to 32,504ft² with the larger units benefitting form 15m eaves and the smaller 8m eaves. All boats two storey offices with dock and level access doors.

Justin Sheldon, Director and Head of Region at HBD, said: “Supply remains constrained throughout the region and our decision to develop Power Park demonstrates our confidence both in the scheme and established demand.”

Jeremy Bishop, co-founder of Oxenwood, said: “The variety of unit sizes and their specification are designed to address the regional demand in a market with an acute undersupply of 30,000ft² – 150,000ft² units.”

The agents for Power Park are M1 Agency and Knight Frank.

Alongside this, HBD has acquired a 62-acre site in Lancashire in joint venture with Barnfield Group, which has the potential to deliver an 786,000ft² scheme adjacent to the established Roman Way Industrial Estate in Preston and has also started on site with two new development at its 52-acre Airport Business Park scheme in Southend, Essex. A 128,888ft² headquarters facility for Ipeco Holdings, and a 27,603ft² warehouse for CAMA Asset Store, specialists in sustainable storage for the creative industries.

Tim Roberts, CEO of Henry Boot PLC, commented: “While we’ve witnessed positive signs of activity across all of Henry Boot’s three key markets – Industrial & Logistics, Residential, and Urban Development – we are particularly encouraged by the resilience of occupier demand for high-quality warehouse accommodation in key locations, which has enabled us to continue progressing and growing our substantial I&L development programme.

“We remain cognisant of the headwinds impacting the trading environment but will look to take advantage of market conditions through selective opportunistic land acquisitions which offer attractive development potential, particularly in areas such as I&L where the underlying demand remains undeniably strong.”

Logistics Manager’s ESG Industrial & Logistics Conference will be taking place on Thursday 15 June 2023! Click here to find out more about the event.

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