London & Cambridge Properties (LCP) has invested £1.5 million in a new speculative development in the Black Country to offer high quality industrial units for businesses looking to move into the area.
The West Midlands-based property company – which owns and manages industrial, retail and office space across the UK – is building Progress Point, a 21,000 sq ft warehouse and industrial development at its flagship Pensnett Estate in Kingswinford.
Progress Point will comprise three blocks, with units ranging from 1,500 sq ft to 9,000 sq ft.
Andrew Preston, industrial property manager at London & Cambridge Properties, said: “The Pensnett Estate is one of the largest secure industrial estates in Europe. Tenants benefit from 24-hour estate CCTV security and ample free parking.
“There isn’t much speculative development being built at the moment but LCP felt that there is a strong demand for small industrial units in the Black Country to support the Midlands’ growing manufacturing sector.”
Planning permission for Progress Point was granted by Dudley Metropolitan Borough Council. Contractors are currently on site, with the project due to be completed in spring 2014.
The Pensnett Estate comprises approximately 2.3 million sq ft on a site of 185 acres, with 25 acres for future development of speculative or purpose built premises. Existing tenants include Helix, Kennametal, Sven Christiansen, Intralox, Handicare and Booker Cash & Carry.
