A major development site in Nottingham will finally move forward after almost £54m in funding was secured in a move that is expected to create hundreds of jobs.
More than five years after Imperial Tobacco's former Horizon Factory closed in Thane Road in 2016, plans will now move forward to bring employment to the previously bustling site once again.
Henry Boot Developments (HBD) bought the site in 2017 and is responsible for the project.
It has secured a £53.8m deal with Oxenwood Real Estate, the UK and European real estate investment management firm, to forward-fund the 426,464 sq. ft. development.
The move could create up to 1,000 jobs at the New Horizon development, according to HBD.
The deal for the 28-acre site will see the development of seven industrial units, which will be between 30,000 sq. ft. and 145,000 sq. ft in size and are expected to be completed in 2023.
Ed Hutchinson, Managing Director 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 I&L (industrial and logistics) space to satisfy established market demand for high-quality stock within the Midlands region.”
The site was home to Imperial Tobacco UK's production and distribution facility from the late 1960s until 2016, when production moved overseas.
Demolition work on the former building finished in 2019.
Henry Boot PLC was established over 135 years ago and is a long-standing property investment and development, land promotion and construction company which is based in Sheffield.
