McKay Securities PLC PLANNING ACHIEVED FOR THEALE LOGISTICS PARK
03 November 2017 - 6:00PM
RNS Non-Regulatory
TIDMMCKS
McKay Securities PLC
03 November 2017
McKAY SECURITIES PLC ("the Group" or "McKay")
McKAY ACHIEVES PLANNING FOR THEALE LOGISTICS PARK, READING
-HIGHLY ATTRACTIVE LOCATION FOR DISTRIBUTION AND LAST MILE
OCCUPIERS-
McKay Securities PLC, the only UK REIT specialising exclusively
in the London and South East office and industrial markets, has
achieved planning permission for the development of a new
distribution warehouse scheme at its existing site at Theale
Logistics Park, Reading.
Situated adjacent to junction 12 of the M4, which is just five
miles from the centre of Reading, the area is already an
established distribution location with other local occupiers
including Amazon, Bunzl, Direct Wines, Ikea and John Lewis.
The planning permission allows for the demolition of an existing
96,000 sq ft chilled storage warehouse to be replaced by either a
single 134,000 sq ft unit or a four-unit scheme totalling 117,000
sq ft. McKay bought the property with a 6.6% yield in April 2015
and always recognized the potential to add value through
redevelopment at the right time. The expiry of the existing lease
to transport and logistics company, Kuehne & Nagel in Q1 2018
provides this opportunity. The scope for different configurations
together with the asset's strong strategic location is expected to
be attractive to a range of different occupiers, but particularly
online retailers and third-party logistics operators.
Savills and Haslams have been appointed as letting agents for
the scheme. Detailed design is being progressed and either
demolition or refurbishment of the existing building programmed for
Spring 2018.
Simon Perkins, Chief Executive of McKay, commented:
"The Thames Valley is characterised by low supply of good
quality mid-size distribution space. This is at a time of
favourable demand dynamics, driven by the rapid growth of
e-commerce and the structural changes in consumer behaviour. The
location of Theale Business Park is particularly attractive
servicing the metropolitan hub of Reading, whilst also providing
easy access to the rest of the UK's wider motorway network."
- ENDS -
Date: 3(rd) November 2017
For further information
please contact:
McKay Securities PLC FTI Consulting
Simon Perkins, CEO Dido Laurimore, Tom Gough,
Ellie Sweeney
Giles Salmon, CFO 020 3727 1000
01189 502333
About McKay Securities
McKay Securities PLC is a commercial property investment company
with Real Estate Investment Trust (REIT) status, listed on the main
market of the London Stock Exchange. It specialises in the
development and refurbishment of good quality office and industrial
buildings within established and proven markets of central London
and South East England. The portfolio, which is valued at over
GBP430 million, comprises 36 properties in strong and established
areas which deliver diversity in terms of both sector and
location.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRABTBRTMBJMBPR
(END) Dow Jones Newswires
November 03, 2017 03:00 ET (07:00 GMT)
Mckay Securities (LSE:MCKS)
Historical Stock Chart
From Apr 2024 to May 2024
Mckay Securities (LSE:MCKS)
Historical Stock Chart
From May 2023 to May 2024