Sheffield builder Henry Boot lands £54m warehouse deal
A Sheffield building company has won a £54m deal to build seven warehouses in Nottingham.
Henry Boot’s property development business, HBD, will build industrial units for Oxenwood Logistics Fund 1 SLP at New Horzion, a 28-acre site in the city.
It will be paid for in instalments, in advance, by Oxenwood Real Estate LLP.
‘Forward funded’ deals cover building costs and allow construction firms to save cash on marketing, sales and finance.
Ed Hutchinson, managing deirector 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 industrial and logistics space to satisfy established market demand for high-quality stock within the Midlands region.”
The project is being built speculatively - without any occupiers signed up - but could help create up to 1,000 jobs, he added. Subject to planning it could be complete by the first quarter of 2023.
The deal follows a £6.2m acquisition of a site in Welwyn Garden City and a joint venture with Barings to build a £100m logistics scheme in Rainham, Essex.
Last month, HBD and joint venture partner Factory announced they had been selected as preferred bidder to deliver 111 acres of Cheltenham Borough Council's 200-acre, £400m ‘Golden Valley’ – a ‘world-class’ Cyber Centre business park.
The project is expected to create 12,000 new jobs, 3,700 new homes and 2million sq ft of commercial space in a campus focused on cyber and digital innovation.