5th Jun 2007 08:00
McKay Securities PLC05 June 2007 McKAY SECURITIES PLC PRESS RELEASE Letting at Lotus Park, Staines McKay Securities PLC is pleased to announce the letting of Lotus 1, totalling15,190 sq ft, at Lotus Park, Staines to Dow Chemical Co. Ltd on a 15 year FRIlease with a tenant only break clause at the end of year 10. The contracted rentis £425,180 pa, equivalent to £28.50 psf. McKay acquired Lotus Park in 2005 and negotiated a surrender of the leases heldby IBM in respect of Lotus 1 and Lotus 2 with terms expiring in 2014. Thebuildings front on to the eastern end of The Causeway, which is the prime officelocation in Staines. A comprehensive refurbishment of both buildings completedat the end of last month which included the addition of glazed reception areas,replacement curtain walling and roof coverings, new mechanical and electricalsystems including air conditioning, new WC and internal finishes and an upgradeof external planting and signage. Lotus 2, which totals 19,600 sq ft, isavailable to let. Commenting on the letting, Simon Perkins, Managing Director of McKay said "therent achieved is a good step up from that payable prior to the surrender, and wehave secured a longer lease term in an improved building. The supply of Grade Aoffices remains limited in Staines and the prospects for Lotus 2 lookencouraging". Vail Williams and Savills represented McKay Securities PLC and CBRE representedDow Chemical Co. Ltd. Background Information McKay Securities PLC is a Real Estate Investment Trust specialising in thedevelopment and refurbishment of quality commercial buildings within establishedand emerging growth areas of Central London and the South East of England.Completed projects are retained and managed for long term growth within theGroup's portfolio, valued in excess of £285m (at 31st March 2006). Contact McKay Securities PLC - 0118 950 2333Simon Perkins, Managing Director Vail Williams - 020 8564 8300Steven New Savills - 020 7499 8644David Williams, Tom Mellows 5th June 2007 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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