Thursday, August 31, 2023
McKay Securities sells Chancery House, Sutton for £13.33m
McKay Securities has announced the sale of Chancery House, Sutton for £13.33m to Arlington Property Investors, acting on behalf of Nottinghamshire County Council Pension Fund. The sale price was in excess of book value, and represented an initial yield of 6%.
Chancery House, a 55,000 sq ft office headquarters in Central Sutton, was developed by McKay in 1982 in partnership with Hill Samuel. In 2004 McKay acquired the controlling 80% head lease interest for £4m, and after refurbishment, achieved full occupation with a number of lettings totalling 24,000 sq ft.
Commenting on the sale, Simon Perkins, Managing Director of McKay said "the sale has realised the significant uplift in value generated by the well executed refurbishment and successful letting programme, and the current high levels of institutional demand for this type of investment. The proceeds from the sale will be used for acquisitions and new development and refurbishment projects within our existing portfolio".
Mellersh & Harding acted for McKay Securities plc and Montagu Evans acted for Arlington Property Investors.
Chancery House, a 55,000 sq ft office headquarters in Central Sutton, was developed by McKay in 1982 in partnership with Hill Samuel. In 2004 McKay acquired the controlling 80% head lease interest for £4m, and after refurbishment, achieved full occupation with a number of lettings totalling 24,000 sq ft.
Commenting on the sale, Simon Perkins, Managing Director of McKay said "the sale has realised the significant uplift in value generated by the well executed refurbishment and successful letting programme, and the current high levels of institutional demand for this type of investment. The proceeds from the sale will be used for acquisitions and new development and refurbishment projects within our existing portfolio".
Mellersh & Harding acted for McKay Securities plc and Montagu Evans acted for Arlington Property Investors.
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