Henry Boot's property investment and development business, HBD, has completed on a significant logistics scheme in Nottingham, UK, while also committing to new developments and adding to its £1.25 bn (€1.4 bn) development programme.
This month HBD has completed on a logistics scheme dubbed Power Park with a gross development value (GDV) of £54 mln, located at the site of the former Imperial Tobacco plant in Nottingham.
The 426,000 ft2 (40,000 m2) scheme, comprising seven units, exchanged contracts with Oxenwood Logistics Fund 1 SLP, on a forward funding basis in 2021.
Each of the seven units meet BREEAM “Very Good” standards, which will help occupiers to keep running costs low and limit the scheme’s environmental impact.
Alongside this, HBD has replenished the committed development programme, with two new commissions at Airport Business Park, its 52 acre (21 ha) logistics scheme in Southend, Essex.
Two freehold design and build transactions for owner-occupiers have been agreed at a total price of £19.3 mln.
A 128,888 ft2 headquarters facility will be developed for Ipeco Holdings, a specialist in aircraft seating, while storage firm CAMA Asset Store will take occupation of a 27,603 ft2 warehouse facility with ancillary office accommodation.
The group also continues to add to its £1.25 bn development pipeline by acquiring a 62 acre site in Lancashire, in joint venture with Barnfield Group, which has the potential to deliver an 786,000 ft2 logistics scheme adjacent to the established Roman Way Industrial Estate in Preston.
Having held the site under option since 2018, planning proposals were submitted last year before purchasing the freehold.
Tim Roberts, CEO of Henry Boot, 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.'
