London & Cambridge Properties is planning a major 260,000 sq ft extension to its Pensnett Estate in Kingswinford, Dudley in the West Midlands, to take advantage of demand and boost low stock levels in the area.
The West Midlands-based property and development company will build the 130,000 sq ft first phase speculatively. A planning application for this first phase has now been submitted to Dudley Metropolitan Borough Council. Plans include four units on development land to the rear of LCP’s headquarters on First Avenue.
Subject to consent, work could start on site in Q4 2016, with an anticipated completion date of late 2017.
Andrew Preston, industrial portfolio manager at LCP, said: “We have decided to press ahead with phase one of this speculative development due to void levels being so low on the estate, and enquiries for businesses looking to relocate onto the estate being encouragingly high.”
The Black Country Local Enterprise Partnership has been supporting LCP with this development, having already received site investigation funding. Both parties are now working together to obtain next-stage gap funding to bring the site to market.
The 2.4m sq ft Pensnett Estate is one of the largest secure business estates in Europe, and home to 170 businesses.
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