London, 2016-Dec-05 — /EPR Retail News/ — Work on the first stage of a major speculative development in the Black Country will begin in the first week of December, London & Cambridge Properties (LCP) has announced.
Construction workers will be on site behind LCP’s headquarters on its flagship business estate in Kingswinford to bring forward the industrial and warehouse units on a site now named Prime Point.
Completion of the units is expected in November 2017.
The configuration of the four industrial and warehouse units totalling 130,000 sq ft, means that potential tenants can take units between 10,000 and 40,000 sq.ft, said Andrew Preston, industrial portfolio manager at LCP.
“Void levels on the estate are low and we are receiving enquiries every week from companies looking for units in this size range, so we believe that this first phase will be very popular with businesses looking to relocate to the area,” he said.
“This is a significant investment for LCP that will be a real boost for the local economy. We are excited that the first phase will be underway shortly and look forward to welcoming new tenants to The Pensnett Estate.”
The Pensnett Estate is one of the largest secure business estates in Europe, and home to 160 businesses in over 2.4 million sq ft of commercial property. Three years ago, LCP invested £1.5 million in 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 the latest development. The contractor for the development is Telford-based McPhillips and LCP will be marketing the development.