HBD and Oxenwood complete £54m Power Park

Property developer HBD has completed Power Park in Nottingham, providing 426,000 sq. ft. of sustainable industrial and logistics space.

Construction began in May 2022 following a £53.8m forward-funding deal with Oxenwood Logistics Fund 1 SLP, a discretionary fund managed by Oxenwood Real Estate.

The project transformed the former home of Imperial Tobacco, one of the city’s best-known sites, with seven sustainable new buildings taking shape across the 28-acre development.

Sustainability has been a major focus, both throughout the construction process and within the completed development. 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.

Justin Sheldon, Director and Head of Region at HBD, said: “It’s fantastic to see the regeneration of the site now complete. Power Park provides sustainable Grade A space in a prime industrial location. Supply remains constrained throughout the region and our decision to develop Power Park demonstrates our confidence both in the scheme and established demand”

Jeremy Bishop, co-founder of Oxenwood, said: “Power Park is a high-quality development for Nottingham and for our fund. The variety of unit sizes and their specification are designed to address the regional demand in a market with an acute undersupply of 30,000 – 150,000 sq. ft. units.”

HBD is one of the UK’s most successful, well-established developers. Part of Henry Boot PLC, it is working with a £1.2bn development pipeline across industrial and logistics and urban regeneration. It has delivered numerous industrial schemes across the country, including the flagship Markham Vale scheme in Chesterfield, and is currently underway with projects including SPARK, a 40-acre site in Walsall; a major regeneration project to transform the region’s largest undeveloped brownfield site.

The agents for Power Park are M1 Agency and Knight Frank.