Yorkshire development company HBD has signed a £53.8m funding deal to progress a massive logistics scheme in Nottingham.
The business, part of the Sheffield -based Henry Boot group, has signed the forward funding deal with Oxenwood Real Estate for the 426,464 sq ft New Horizon scheme.
The 28-acre site, formerly home to Imperial Tobacco, will see the development of seven industrial units from 30,000 sq ft to 145,000 sq ft on a speculative basis, with hopes of creating up to 1,000 new jobs for the city.
Read more : online sales boost for logistics firm
The deal is the latest in a succession of logistics developments for Henry Boot, including its £6.2m acquisition of a prominent site in Welwyn Garden City and a joint venture with Barings to deliver a £100m logistics scheme in Rainham, Essex.
Ed Hutchinson, managing director of HBD, said: “This is the latest in a series of deals, with industrial and logistics a major component of our investment strategy.
“New Horizon is extremely well-located and will deliver new I&L space to satisfy established market demand for high-quality stock within the Midlands region.”
The surge on online sales during the pandemic has led to a sales boost for logistics firms, with demand for new warehouses rising, especially in well-connected parts of the Midlands.
Demolition work on the former Imperial Tobacco factory - which at one stage employed thousands of people, but was dubbed one of Nottingham’s ugliest buildings - was completed in 2019.