McKay Securities PLC PRACTICAL COMPLETION AT PRE-LET 30 LOMBARD STREET (9383M)
January 14 2019 - 2:00AM
UK Regulatory
TIDMMCKS
RNS Number : 9383M
McKay Securities PLC
14 January 2019
McKAY SECURITIES PLC ("the Group" or "McKay")
McKAY REACHES PRACTICAL COMPLETION AT PRE-LET 30 LOMBARD STREET,
EC3
McKay Securities PLC, the only UK REIT specialising exclusively
in the London and South East office and industrial markets, has
achieved practical completion of 30 Lombard Street, EC3. As a
result, the pre-let to St James's Place PLC (St James's Place)
announced last year is now unconditional and will commence on 24th
January 2019.
St James's Place, the FTSE 100 wealth manager, has committed to
a 15 year lease (without break) of the whole of the high quality
58,000 sq ft office scheme in this core City location.
The contracted net rental income of GBP3.40m pa, equivalent to
GBP65.00 per square foot, was agreed in line with ERV and includes
five-yearly upward only rent reviews. The pre-let has added to a
successful leasing period across McKay's portfolio which still
retains a portfolio reversion of 23.1%, equivalent to GBP6.29m
pa.
McKay acquired the long leasehold interest of the site in 1999
with a 36,000 sq ft 1960's office building generating a rental
income of GBP1.11m pa and a planning consent in place for 53,500 sq
ft. Income was retained from the building while an improved
planning consent was achieved for the current scheme, securing a
62% increase in lettable area. Capital investment and the decision
to speculatively redevelop the property in 2015 was unlocked
through McKay's successful capital raising in 2014, which provided
additional financial resources to implement this unique market
opportunity.
Knight Frank and Savills acted on behalf of McKay while Doherty
Baines acted for St. James's Place.
- ENDS -
Date: 14(th) January 2019
For further information please
contact:
McKay Securities PLC FTI Consulting
Simon Perkins, CEO Dido Laurimore, Tom Gough, Ellie
Sweeney
Giles Salmon, CFO 020 3727 1000
01189 502333
About McKay Securities
McKay Securities PLC is a commercial property investment company
with Real Estate Investment Trust (REIT) status, listed on the main
market of the London Stock Exchange. It specialises in the
development and refurbishment of good quality office and industrial
buildings within established and proven markets of central London
and South East England. The portfolio, which is valued at over
GBP478.00 million, comprises 33 properties in strong and
established areas which deliver diversity in terms of both sector
and location.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBLLLFKFFXBBD
(END) Dow Jones Newswires
January 14, 2019 02:00 ET (07:00 GMT)
Mckay Securities (LSE:MCKS)
Historical Stock Chart
From Apr 2024 to May 2024
Mckay Securities (LSE:MCKS)
Historical Stock Chart
From May 2023 to May 2024