MCKS.L Regulatory News (MCKS)

11 Dec 2006 08:30

McKay Securities PLC11 December 2006 PRESS RELEASE SANITARY LETTINGS FOR MCKAY McKay Securities PLC has completed the letting of Paris House, a 50,000 sq ftwarehouse on the edge of Petersfield Town Centre, and a 4,350 sq ft retail uniton the ground floor of Wimbledon Gate in central Wimbledon. RAK Ceramics Limited, a Middle Eastern manufacturer of sanitary ware, has takenan eight year lease of Paris House at an average rent over the first five yearsof £180,400 pa. Over this period, the rent increases from £136,000 pa to£225,000 pa. In Wimbledon, bathstore.com, a subsidiary of Wolseley UK Ltd, has taken a 15year lease, with a tenant only break clause at the end of year 10, at an averagerent of £87,000 pa over the first five years. Rent reviews are at five yearlyintervals. Wimbledon Gate was completed by McKay at the end of 2005, shortlyafter which the 54,350 sq ft office element was let to Domestic and General plcon an unbroken 15 year lease. The investment is now fully occupied and incomeproducing. Commenting on the lettings, Simon Perkins, Managing Director of McKay SecuritiesPLC said "The covenant of bathstore.com and the terms of the letting add anothergood tenant to the building, complementing the success achieved earlier in theyear with Domestic and General plc. The letting of Paris House provides us withan income whilst we try to influence policy revisions to achieve our longer termobjective of planning consent for residential redevelopment." Agents for McKay in Wimbledon were Savills, and in Petersfield were Young andButt. Background Information McKay Securities PLC is a commercial property and investment companyspecialising in the development and refurbishment of quality buildings withinestablished and emerging growth areas of Central London and the South East ofEngland. Completed projects are retained and managed for long term growth withinthe Group's portfolio, valued in excess of £285m. ContactSimon Perkins - Managing DirectorMcKay Securities PLC0118 950 2333 11th December 2006 This information is provided by RNS The company news service from the London Stock Exchange