1,000 jobs a step closer as £53.8m forward funding deal completes

Work has begun on a 28-acre industrial and logistics park in Nottingham following the close of a £53.8m forward funding deal between developer HBD and Oxenwood Real Estate.

The Power Park scheme, formerly known as New Horizon, will consist of seven buildings totalling 426,000 sq ft.

It is expected to be completed 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.”

HBD struck the funding deal with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate.