Construction has begun on site at the landmark 28-acre Power Park scheme in Nottingham – formerly known as New Horizon – following the close of a £53.8m forward funding deal between property developer HBD and Oxenwood Real Estate.

HBD is one of the UK’s most successful and well-established property developers, with seven UK offices. Oxenwood is a real estate investment management firm investing in the UK and European real estate markets with a focus on the logistics industry.

Power Park will see the delivery of seven buildings up to 145,000 sq. ft., all developed on a speculative basis, providing a total of 426,000 sq. ft. of high quality industrial and logistics space.

Sustainability has been a key focus throughout, with HBD opting to repurpose or recycle over 90% of the material from the original structure. Concrete from the old factory will also be crushed and re-used by contractor Bowmer & Kirkland during the construction works, limiting the scheme’s environmental impact. The new units will each meet a BREEAM sustainability rating of Very Good.

The development is expected to complete in Spring 2023.

Justin Sheldon, Director and Head of Region at HBD, said: “It’s fantastic to see Power Park beginning to take shape – it is a high-quality, sustainable development that will attract new business and investment into the city and could create as many as 1,000 new jobs at Thane Road.

Jeremy Bishop, co-founder of Oxenwood, said: “Power Park is a very well located logistics development and we are delighted that construction has now commenced – the unit sizes and specification are designed to address the strong supply-demand dynamics in the Nottingham area”.

The forward funding agreement is with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate.