Member Article

McKay disposes of two South East properties to support ongoing growth

McKay Securities PLC, a Real Estate Investment Trust specialising in the South East and London office and industrial markets, has announced two property disposals for a combined consideration of £3.73 million.

The first property is Waterman’s Court, a 10,770 sq ft freehold office property in Staines-upon-Thames, which was sold with vacant possession for £2.03m, in line with its last valuation at 30th September 2014. The purchaser was not named, but is referred to as ‘a private property company’.

The second property is Access House, Newbury, which is a vacant 17,040 sq ft freehold office property. It was sold for £1.70 million, 26% ahead of valuation.

The company has said the proceeds will be recycled and ‘invested into funding future growth opportunities’. This will include McKay’s existing programme of portfolio improvement projects, its large scale development programme and potential new acquisitions.

Simon Perkins, managing director of McKay Securities said: “ These are both properties below our preferred lot size, where recent initiatives have helped secure the value realised by disposal. The proceeds will be recycled and reinvested into larger portfolio opportunities where we can see encouraging potential for growth, including our programme of current and pipeline development projects.“

This was posted in Bdaily's Members' News section by Ellen Forster .