CONFIDENCE SET TO CONTINUE

The West Midlands experienced a buoyant period of growth in 2014, resulting in renewed activity in the commercial property market – and that looks set to continue in 2015.

Black Country-based commercial property group London & Cambridge Properties (LCP) saw a 25% increase in enquiries, and more than 700,000 sq.ft of industrial property let in the West Midlands alone.

Andrew Preston, industrial property manager at LCP, which has its headquarters on The Pensnett Estate in Kingswinford, said its policy to continue investing in its properties during the downturn had paid off because it was ready to act quickly when the market turned a corner.

This positive approach by LCP, one of the country’s leading privately owned investment and property management companies with more than 30 years’ experience, has produced an average occupancy level of 91% – not bad for a company whose portfolio amounts to about 15 million sq ft.

“We have seen a tangible growth in confidence in many industrial and manufacturing sectors in the West Midlands, which has led to firms relocating to the region or existing companies here taking on more space,” he said.

Strong demand for the high quality industrial and warehouse properties that LCP owns and manages has led to full occupancy at Parkway Business Park in Wednesbury, Park Lane, in Oldbury, and Charles Street, West Bromwich.

Trade has also been active at other sites in the Black Country, with just one unit remaining at the Stourbridge Estate; Dunstall Hill, Wolverhampton; Springfield, Oldbury; The Woods Bank Estate, and Bescot Estate in Wednesbury.

Anticipating a lack of quality commercial property LCP completed its first speculative build for some years in 2014. Progress Point at the Pensnett Estate, Kingswinford is a 21,000 sq ft development of high-spec industrial and warehouse units starting from 1,500 sq ft and are ready for occupation. The development has attracted interest from a wide range of businesses with one unit already under offer.

It’s not just large businesses that LCP help; it is also committed to finding small premises for companies looking for a few hundred square feet.

At Pensnett Estate, LCP welcomed three SMEs: FAS Window Films took on a 375 sq ft unit, while mobile access equipment company Mech Services Ltd leased a small storage space. Parcel delivery owner Elaine Tomlin also took on a 1,290 sq ft hub when she needed to relocate to larger premises.

“It’s important for us to be able to accommodate a range of businesses because not everyone needs 20,000 sq ft,” says Andrew. “By ensuring we have small and flexible spaces, we can find units for a wider spectrum of the business community.”