The joint venture has been granted permission to build a 75,000 sq ft industrial unit as part of an 18-acre development known as East, off the M6 north-east of Preston.
The shed, located off Junction 31A of the motorway, will be split into five units ranging in size from 10,000 sq ft to 21,000 sq ft.
Outline planning permission for East was granted by Preston City Council in September 2015.
The 50:50 joint venture, comprising HBD and Barnfield Construction, acquired the site from the Greater Manchester Property Venture Fund in 2019.
Future phases of the project are intended to deliver units ranging from 6,000 sq ft to 187,000 sq ft.
Access to the site will be provided off the existing spine road, Trefoil Way.
No pre-lets have yet been agreed for the site.
The architect is Fletcher Rae and Iceni is planning consultant. Scott Hughes is civil engineer and TPM Landscapes is the landscape architect.
East is the second development being delivered by the HBD-Barnfield partnership, which is currently delivering Beacon 62, an 11.5-acre strategic gateway site in Huyton, Merseyside.