Second phase of multi-million pound speculative industrial development on track for completion
Work on phase two of Prime Point, a multi-million pound speculative industrial development in the Black Country, is on track, with the steelworks now erected and cladding being added.
The development, which is being delivered by commercial property and investment company LCP, will bring forward almost 100,000 sq ft of industrial units at The Pensnett Estate, the company’s flagship business estate in Kingswinford.
Stiltz, the home lift company, is relocating from within the Pensnett estate to a 36,000 sq ft building in May, while Glendenning Plastics is relocating part of its business from within the business estate to Block F, a 18,175 sq ft unit.
TotalKare, which specialises in lifting and testing equipment for heavy duty commercial vehicle workshops, has committed to taking Block G1, a 24,500 sq ft building, in the autumn, leaving just one 24,505 sq ft building available.
Nicholas Burgess, managing director of LCP, said undertaking the second phase of development was great news for the region, which has a shortage of good quality industrial units between 10,000 sq ft and 45,000 sq ft. Completion is earmarked for Q3 2020.
“This is a significant investment for LCP, but we have demonstrated that there is strong demand for units of this type and size,” he said.
“With three of the units already taken, we’re looking forward to delivering the scheme and building on the success of phase one Prime Point. Our appointed agents have already received enquiries about the last unit and we hope to announce occupiers in the coming weeks.”
The progress of phase two follows the arrival of four major occupiers – Evoca UK, Certas Energy, ERIKS, and International Piping Products Europe – into units built for the first phase of Prime Point, over the past 18 months.
The Black Country Local Enterprise Partnership (BCLEP) is supporting LCP with the development and construction of phase two.
Prime Point sits within DY5, Dudley’s business and innovation enterprise zone, which qualifies occupiers for benefits, including up to £55,000 a year business rate discount over a five-year period
The Pensnett Estate is one of the largest secure business estates in Europe, and home to 160 businesses in over 2.4m sq ft of commercial property.
Three years ago, LCP invested more than £13m in the first phase of Prime Point, a speculative development on the estate comprising 170,000 sq ft of high quality warehouse and industrial space.
