A multi-million pound speculative development in the Black Country by leading commercial property investment company LCP is beginning to take shape, with the construction of the steel frame well under way.
Four industrial and warehouse units, totalling 130,000 sq ft, are being built on a site at LCP’s flagship Pensnett Estate in Kingswinford.
Work began just before Christmas and with the steel frames now up on Block A and B, it is now well on the way to achieving its completion date of November.
Marketing agents from commercial property specialists Bulleys and Lambert Smith Hampton (LSH) joined LCP to mark the milestone in the construction, which is being undertaken by Telford-based McPhillips.
Andrew Preston, LCP industrial portfolio manager, said: “This is a significant investment for us and we are pleased to see it taking shape. Businesses can take units between 10,000 and 40,000 sq ft offering flexibility for potential tenants
“With the construction of the units well underway and two marketing agents on board, we expect to see further interest from businesses that want to locate or expand their operations here.”
Matt Tilt, director of industrial agency at LSH, said: “”It’s great to see Prime Point taking shape. Very few developers are providing new small and medium units in the region, despite there being a clear lack of supply. With strong current demand, we are optimistic about attracting occupiers to the units.”
Noel Muscutt, partner at Bulleys, added: “This is a very exciting time at The Pensnett Estate. There is a real lack of supply of available industrial units across the region for occupiers, and the timing for the construction of the Prime Point development couldn’t be better.”
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 this latest development.