8th Jun 2005 11:58
McKay Securities PLC08 June 2005 PRESS RELEASE McKAY SECURITIES PLC McKay Sells Newminster House, Bristol McKay Securities PLC has completed the sale of Newminster House, Bristol toLaSalle Investment Management for £5.2 million, representing a 4% increase overbook value as at 31st March 2005. The sale reflects a yield of 7.3%, with a rentguarantee over 922 sq ft of vacant office floor space taking the passing rent to£408,068 pa. The building was constructed by McKay in the 1960's and has a net area of 27,588sq ft with retail on the ground floor and six floors of offices above. Over thelast few years a substantial refurbishment programme has been implemented by McKay and the property is now virtually fully let at improved rents. Simon Perkins, Managing Director of McKay said "our refurbishment and asuccessful letting campaign by King Sturge has helped release significant valuefrom this building. We will now reinvest the proceeds where we can see gains tobe had from our active approach to management, refurbishment and development". Mellersh & Harding acted for McKay Securities PLC in the sale of the property,and Cardales acted for LaSalle Investment Management Contacts McKay Securities PLCSimon Perkins0118 950 2333 Mellersh & HardingDavid Mundy020 7499 0866 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MCKS.L