Henry Boot announces that HBD, the group’s property investment and development arm, has added a further three schemes with a combined GDV of £56m (Our share: £14m) into Origin, its industrial and logistics (I&L) joint venture with Feldberg Capital.
The three projects total 262,000sq ft of prime I&L space and are targeting market leading ESG credentials, including BREEAM ‘Excellent’ and EPC ‘A’ ratings. Construction on each development is scheduled to commence by the end of January 2026, with delivery from H2 2026. The schemes include:
1. SPARK, Walsall: A six acre site with a £25m GDV, located at junctions 9 and 10 of the M6. Detailed planning consent was secured in September 2025 for 101,000sq ft across three units.
2. APTUS, Preston: The second phase of the scheme near junction 31a of the M6, previously held in JV with Barnfield Construction Limited, was transferred to Origin in December 2025. The £22m GDV scheme totals 107,000sq ft across three units.
3. ARK, Markham Vale: A three acre site adjacent to junction J29A of the M1, with a £9m GDV. In October 2025, a resolution to grant planning permission was secured for a 54,000sq ft unit.
When launched in December 2024 the Origin JV was seeded with three projects: SPARK, Walsall (271,000sq ft), ARK, Markham Vale (107,000sq ft) and INTER, Welwyn Garden City (71,000sq ft). These projects were transferred from HBD’s development pipeline and have a total GDV of £100m (Our share: £25m).
All three initial projects have reached practical completion on time and budget. We are attracting good occupier interest and have already secured lettings. In August 2025, Origin pre-let a 17,000sq ft unit at Markham Vale to Capital Angling, and in November 2025, an 18,000sq ft unit was leased to Perfect Group at Welwyn Garden City.
Origin was established with the intention, subject to market conditions, to deliver c.£1bn of high quality and sustainable I&L schemes across the UK over the medium term. HBD holds a 25% share of the JV, with Feldberg representing 75%. In January 2025, the JV secured a £54m development loan from BGO to fund the acquisition and development of the initial seed assets. This has since increased to £85m following the addition of new assets.
HBD acts as development manager, receiving fees for doing so, and Feldberg Capital acts as investment manager. Both parties have the potential to share a promote fee based on the JV’s internal rate of return, subject to certain hurdle rates. HBD has the right to co-invest in future projects on the same ownership split as the seed portfolio, whilst retaining the role of development manager.
“By combining HBD’s development pipeline and operational capabilities with Feldberg’s investment management expertise, the JV is accelerating the delivery of Grade A industrial & logistics space across the UK. With the initial three assets already completed and leasing well this innovative partnership is creating value for our investors. We are also making good progress on executing the JV’s strategy, with the recent addition of new schemes to Origin replenishing our committed development programme.”
Tim Roberts, CEO at Henry Boot“The addition of these new schemes to Origin underlines our confidence in the UK mid-box industrial and logistics sector, which continues to benefit from strong structural tailwinds. Occupier demand for well-located, energy-efficient units remains strong, and the market is still significantly undersupplied. These new projects give us real momentum as we continue to scale Origin and look for new opportunities across the UK.”
David Turner, Managing Partner at Feldberg Capital
