The National commercial property investment company and Commercial People agent, London Cambridge Properties (LCP) has seen a flurry of new lettings at one of Europe’s biggest business estates.
In a press release shared with Commercial People earlier today, LCP said that the demand for industrial property is “at a peak”, with voids at The Pensnett Estate in Kingswinford now under a historic low of 1%.
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.
Paula James, LCP’s industrial lettings manager, said: “The industrial property market is at its peak, and the take up is the best I have seen in 20 years of being involved in the property letting market, which is why we are seeing voids on The Pensnett Estate at under 1%.
“These lettings, after a very challenging 16 months, demonstrate that there is significant demand for good-quality industrial units in the region. The Pensnett Estate’s strategic location also makes it an attractive proposition for businesses that need quick and easy access to motorways.”
LCP has signed deals with Milton Cable Management Systems, JL Drinks Ltd, and Ground Investigation & Piling Ltd in quick succession for units at the Black Country estate.
Milton Cable Management Systems has signed a 10-year lease for Building G, Bay 2 at Prime Point, making this speculative development now fully let.
The 24,505 sq ft unit will be used for the new business, which is part of the Hudson Group that operates RMS Cable Management in Hampshire and ArmorDuct Systems Ltd, based on The Pensnett Estate.
Giving his reasons for moving to the estate, Hudson Group’s Owner & Director, Simon Hudson-Smith, said: “We were looking for suitable premises, and one of the attractions of this unit was that it falls within DY5, Dudley’s Business and Innovation Enterprise Zone so that was a big incentive financially as we can get business rates relief.
“The new unit will house Milton Cable Management Systems, which has been created to manufacture and market a cable basket system that we believe is under-utilised but has huge potential, and it will also give us the opportunity to expand.
“Some of the staff from ArmorDuct will transfer over but I hope over the next two to three years that we can create between 20 and 30 jobs.”