London, 2016-Aug-10 — /EPR Retail News/ — The first stage of a major new speculative development in the Black Country is poised to begin later this year after London & Cambridge Properties (LCP) was granted planning permission.
Dudley MBC planners have given the leading West Midlands-based property and development company the go ahead for the first phase of a 260,000 sq ft extension at its flagship business estate in Kingswinford.
Andrew Preston, industrial portfolio manager at LCP, said work on developing four industrial and warehouse units totalling 130,000 sq ft on land to the rear of its headquarters on The Pensnett Estate is now likely to begin in Q4 of 2016. Completion is anticipated in late 2017.
“We’re very pleased to have been given the go ahead for our new industrial development,” he said. “Void levels are low on the estate and enquiries from companies looking to move here is high, which demonstrates a clear demand.
“It’s a major investment for LCP that will reap huge benefits for the local economy and will also bring hundreds of jobs to the area when both phases are completed and up and running.”
The Pensnett Estate is one of the largest secure business estates in Europe, and home to 170 businesses in over 2.4 million sq.ft of commercial property. Two years ago, LCP invested £1.5 million on Progress Point, a speculative development on the estate comprising 21,000 sq ft of high quality warehouse and industrial space.
The Black Country Local Enterprise Partnership (BCLEP) has been supporting LCP with this latest development, having received Site Investigation Funding. Both parties are working together to obtain next stage gap funding to bring the site to market.
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Source: London & Cambridge Properties