LCP, the national commercial property investment company, has unveiled the first tenant to sign up to Prime Point, its multi-million pound speculative industrial and warehouse development in the Black Country.
Really Useful Products, which manufactures storage boxes for business and home, has agreed a 15-year lease for a 31,000 sq ft unit at Prime Point, which is being built at The Pensnett Estate, LCP’s flagship industrial estate in Kingswinford.
The agreement is a coup for LCP, which is investing in the speculative development, building four industrial and warehouse units, totalling 130,000 sq ft. Construction started December and the first unit is expected to reach practical completion in September. Telford-based contractor McPhillips has been appointed to deliver the scheme.
Andrew Preston, LCP industrial portfolio manager, said the development, which is supported by The Black Country Local Enterprise Partnership (BCLEP), was fulfilling a need for small-to-medium sized units in the area.
Andrew Preston, LCP industrial portfolio manager, said: “With building work progressing well, we are pleased to unveil the first tenant that will occupy a standalone building at Prime Point.
“We are pleased to be working closely with Really Useful Products to provide a modern warehouse unit that fits their business needs. We are also looking forward to signing up further tenants over the next few months.”
Mike Pickles, of Really Useful Products, added: “The move will enable us to improve our customer service and support, as well as provide our existing workforce with assurance of our commitment to growth. We hope to recruit up to 10 more employees once we settle in.”
The company could benefit from business rate discount of up to £55,000 per year because Prime Point is included within DY5 Dudley’s Business and Innovation Enterprise Zone, which was launched officially last month (April 2017).
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.