Mckay Securities Share Price (MCKS)

Well re-let is a bit of an overstatement .Renegotiated lease to existing occupier few steps forward and several back massive rent free period foregoing income already certain In addition bonus prize of longer lease tarnished by leasebreak clause Seems all their relettings involve substantial rent freep eriods indicative of the climate. More concerning is potential cap ex on these types of buildings which are getting long in the tooth just to stand still on income

McKay Securities, a commercial property developer, has re-let its 100,000 square foot large office property in Glasgow city centre to the Student Loans Company, which now occupies the building as its main head office and administration centre. Its existing leases were due to expire in December 2013 and it has now agreed with McKay to enter into a new lease for the whole building, extending its occupation for up to 10 years. In December 2013 the Student Loans Company will pay an annual rent of £1.97m, subject to a 15 month rent-free period.

http://www.investegate.co.uk/Article.aspx?id=201106020700096815H

McKay Securities profits fall Date: Thursday 02 Jun 2011 LONDON (ShareCast) - The so-called north-south divide has been a common theme in company results lately, but commercial property developer McKay Securities pointed to the differing pace of recovery between London and the rest of the South East as it delivered full-year results. Pre-tax profits for the year to 31 March came in at £4.5m, down from £15.3m the previous year due to reduced valuation gains. The total dividend for the year edges up to 8.3p from 8.2p. “Over the year there has been continued improvement across all the Group's markets, with the pace of recovery in central London greater than in the South East,” the company said. “Improving rental values and diverse investor demand generated income and contributed to capital growth within the group's central London office portfolio.” The company, which has properties in locations such as the City of London, Croydon, Reading and Staines, said the potential of its portfolio will be released once the pace of recovery in the South East picks up. McKay also has a large office in Glasgow, which saw its valuation fall, but the company said it has been held due to its prime location.

Did no one see the director buys and chart about to breakout. even for the just the div of 20%. This movement up to 150's and more when it gets noticed. still early to get in