First Subsea Expands At Lune Business Park
Hurstwood Holdings has let a further 12,000 sq ft at its Lune Business Park in Lancaster to exisiting tenant, First Subsea.
The world’s leading developer and supplier of subsea cable protection systems and offshore mooring connectors has been based at Lune since Hurstwood acquired the scheme in 2005 and now occupies a total of 32,000 sq ft at the popular business park.
Hurstwood has been undertaking a phased refurbishment of some of the existing units at the Park with quoting rental at £5 per sq ft. In September of last year, Hurstwood submitted a £35 million masterplan for the partial redevelopment of Lune Business Park, which is currently home to 35 tenants to provide a further 200,000 sq ft of new speculative industrial space alongside an on-site café, pharmacy, convenience store and a nursery. Design and build opportunities to suit specific requirements will also be available.
Planning for the redevelopment is expected by Winter 2021, with work due to start on site immediately by Hurstwood’s in-house specialist construction and development team.
Stephen Ashworth, Chairman and CEO of Hurstwood Holdings, comments: “We have asset managed this scheme since acquiring it more than 15 years ago and are proud that many tenants have stayed – and even expanded – at the Park during that time.”
John Shaw, Managing Director of First Subsea, adds: “First Subsea has its roots firmly in Lancaster and we were very pleased to hear of Hurstwood’s expansion and development plans for this site, which has allowed us to expand and remain part of the local community.”