Shoosmiths has advised McKay Securities plc on its freehold acquisition of Columbia House, Farnborough. The property was acquired from Standard Life Investments for £2.9m, representing an initial yield of 11.1 per cent.
The law firm’s real-estate team was led by specialist Alan Corcoran, who was assisted by associate Simon Shoefield (real estate) and solicitor Marcus Woody (planning).
Columbia House is a modern distribution warehouse with ancillary offices totalling 40,460ft2.
This is the second multi-million-pound transaction the Shoosmiths team has advised on for McKay in a matter of months, having acted on its £2.3m acquisition of the 1.2-acre London Road site at Redhill, in Surrey from Hodnet Properties in June this year.