Shoosmiths’ real-estate team advises McKay Securities on property acquisitions
A team of real-estate, planning and construction lawyers from the Shoosmiths real-estate group have advised on circa £25m of acquisitions of The Mille, Brentford and Ashcombe House, Leatherhead.
McKay Securities is a real-estate investment trust specialising in office and industrial property in London and the south east of England. McKay has purchased The Mille from Forthright Property Investments (Brentford), a client of Helix Properties, for £19.3m, and Ashcombe House for £4.4m.
The Mille totals 96,650ft² of office floor space over 11 floors and is located in a prominent position on the south side of the elevated section of the M4, adjacent to GlaxoSmithKline’s international headquarters and opposite the University of West London. The building is currently let to 17 tenants generating a rental income of £1m per annum, with rents varying from £13.50 per square foot (psf) to £20.00 psf. Advertising hoardings and roof-top masts take the total income from the building to £1.2m per annum.
Ashcombe House in Leatherhead comprises 17,340ft² of office space occupying a prominent position in one of the main commercial centres of the southern M25 office market. The purchase price represents an initial yield of 7.4 per cent.
Shoosmiths partner Alan Corcoran and associate George Panteli led on the work for McKay.
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