Oxenwood Real Estate said on Wednesday that it has exchanged contracts with HBD to forward fund a 426, 464 sq ft (39,600 m2) logistics development in Nottingham, UK, for £53.8 mln (€63 mln).
The forward-funding agreement is with Oxenwood Logistics Fund 1, a discretionary fund managed by Oxenwood Real Estate.
The development, called New Horizon, is located on a 28-acre site on Thane Road, three miles south west of Nottingham. It forms part of the former Imperial Tobacco plant. Nearby occupiers include Booker, Boots, ZF Services, DHL, Games Workshop, Aston Martin, Audi, Nissan, Ford, Sytner Group, Macfarlane Packaging and Big Yellow.
New Horizon will comprise six speculatively developed units, ranging in size from 32,510 sq ft to 145,723 sq ft, which will be built to a BREEAM sustainability rating of ‘Very Good’. Completion of the development is expected in early 2023.
Since acquiring the site, HBD has completed extensive works to bring it back into use in preparation for development and secured outline planning consent in 2019. HBD will now be submitting detailed plans to Nottingham City Council for approval, so that work can start on the site as quickly as possible. Subject to planning consent, the development is expected to be completed in early 2023..
Jeremy Bishop, co-founder of Oxenwood, said: 'This forward-funding agreement will deliver a high-quality first asset to our new fund.'
Oxenwood was advised by M1 Agency, Jones Day and Langham Hall; HBD was advised by Knight Frank, JLL and Squire Patton Boggs.
