By Robyn Adams
National law firm Shoosmiths has advised Real Estate Investment Trust (REIT), McKay Securities PLC on two key multimillion pound deals at its Farnborough and Redhill sites.
Shoosmiths acted for McKay on the disposal of the freehold of its remaining interest at Pinehurst Park, a 50,200 sq ft office building, to Pinehurst Investments for £5.88m. McKay purchased Pinehurst Park in 2012 for £3.5m.
Shoosmiths also advised McKay on securing the first tenant for its recently completed Prospero office development in Redhill, Surrey. Morrisons Solicitors LLP has committed to a 10-year lease, taking the entire third floor totalling 10,643 sq ft, at an annual rental of £330,000.
McKay’s Prospero development sits on a 1.2 acre site and was completed in November 2016 in conjunction with its development partner Lamron Estates Ltd. The four-storey grade A building benefits from excellent road and rail links to London and offers high specification flexible office space that meets modern business needs. The Shoosmiths team that advised on both deals was led by real estate partner Alan Corcoran and assisted by senior associate Marcus Devanny. Planning partner Kirsten Hewson provided planning advice in relation to the Pinehurst disposal.