McKay Securities PLC FURTHER PORTFOLIO REVERSION UNLOCKED AT PROSPERO (7052J)
April 04 2018 - 1:00AM
UK Regulatory
TIDMMCKS
RNS Number : 7052J
McKay Securities PLC
04 April 2018
McKAY SECURITIES PLC ("the Group" or "McKay")
McKAY UNLOCKS FURTHER PORTFOLIO REVERSION WITH LATEST LETTING AT
PROSPERO, REDHILL
McKay Securities PLC, the only UK REIT specialising exclusively
in the London and South East office and industrial markets, has let
the second floor of Prospero, its 50,370 sq ft office development
in Redhill, to specialist savings and lending bank, Shawbrook Bank
Limited ("Shawbrook"), taking the building to 91% let.
Shawbrook has agreed to a 10 year lease (without break) of the
13,915 sq ft floor, at a rental level consistent with recent
lettings. Shawbrook is relocating from existing premises in
Dorking, Surrey, and Croydon having been attracted by Prospero's
large, bright, and flexible modern floorplates.
Shawbrook is the fourth tenant attracted by the high quality of
Prospero; Redhill's first new office development in over 10 years.
Earlier lettings were completed with Morrisons Solicitors, The Plan
Group and NUS Consulting, while marketing of the balance of the
first floor (4,100 sq ft), the property's only remaining vacancy,
continues to attract encouraging interest.
Commenting on the letting, Simon Perkins, CEO of McKay,
said:
"Prospero is now 91% let to a diverse range of high quality
businesses attracted by modern, environmentally-conscious and
tenant-focused office space. This is something that hasn't been
available in Redhill for over a decade and provides local and
regional companies with an alternative to the increasingly dated
buildings elsewhere in the town. Furthermore, the long-term
commitments agreed with all Prospero's occupiers - at rents above
ERVs - demonstrates the resilience of the local market.
"We look forward to building on this success and updating the
market when Prospero, and other McKay projects, achieve full
occupancy, as we continue to prioritise the delivery of attractive
shareholder returns through realising the significant reversionary
potential of our portfolio."
Steve Patemen, CEO at Shawbrook, commented:
"We are a growing bank and firmly believe that the best way to
support small and medium-sized businesses across the country is by
being physically present within the regional economies in which
they operate. Prospero is a fantastic building and its location
will give us a great base for our Regional Business Centre, as well
as some key Specialist Asset Finance teams and supporting
functions"
McKay acquired the 1.2 acre Prospero site off-market for GBP2.3
million in 2013 and subsequently sold surplus land to a residential
developer. Following redevelopment, the Grade A four storey office
building was completed at the end of 2016. Prospero has achieved
BREEAM "Excellent" and EPC 'A' ratings due to its sustainable
design, ensuring running costs are kept to a minimum.
Located in the heart of Redhill town centre, Prospero is just a
seven minute walk from Redhill railway station which provides
direct access to London Bridge, London Victoria and Gatwick
Airport. It is equally conveniently situated close to the M25.
BNP Paribas and Altus acted on behalf of McKay and JLL acted on
behalf of Shawbrook.
- ENDS -
Date: 4(th) April 2018
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 London and South
East England. The portfolio, which was valued in excess of GBP450
million in September 2017, comprises 36 properties in strong and
established areas which deliver diversity in terms of both sector
and location.
This information is provided by RNS
The company news service from the London Stock Exchange
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