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18 Jul 2013 07:00
McKAY SECURITIES PLC
McKAY ACQUIRES HIGH YIELDING FARNBOROUGH WAREHOUSE INVESTMENT
McKay Securities PLC is pleased to announce the freehold acquisition of Columbia House, Farnborough from Standard Life Investments for £2.9 million, representing an initial yield of 11.1%.
Columbia House is a modern distribution warehouse with ancillary offices totalling 40,460 sq ft. It was built in 2000 to a high specification, with a self contained yard and an internal eves height of 9 metres. The property is let to Just Data Systems Ltd, providers of e-commerce solutions, who remain in occupation on a 15 year FRI lease expiring in May 2015, at a rent of £340,000 pa (£8.40 psf).
Commenting on the purchase, Simon Perkins, Managing Director of McKay said:
" At this entry price, the property represents good value in an under supplied market, with a high income return. Funds for the acquisition come from our £16.8 million disposal in Glasgow earlier in the year, and we are actively looking for opportunities to reinvest the remaining £13.5 million. "
Vail Williams acted for McKay Securities PLC and Finn & Co acted for Standard Life Investments.
Date: 18th July 2013
For further information please contact:
McKay Securities PLC Broker Profile
Simon Perkins, Managing Director Jonathan Gillen
Giles Salmon, Finance Director 020 7448 3244
0118 950 2333
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