McKay Securities secures new Maidenhead tenant

South East England-focused real estate investment trust McKay Securities announced that it has let the first floor of Building 5, on the Switchback Office Park in Maidenhead, on Friday.

The London-listed firm let the unit to Colemans Solicitors, which it described as a well established local firm, on a 10-year lease with a tenant break at the end of the fifth year, at a rent of £113,179 per annum.

That equates to £26.75 per square foot, which is ahead of the estimated rental value at 31 March of £26.00 psf.

Colemans pre-let the building, and the lease has now commenced following completion of the refurbishment works.

“Colemans is a welcome addition to the well established occupiers at Switchback,” said McKay chief executive Simon Perkins.

“Our letting progress mirrors the recovery in the western corridor, with the rent achieved more than double the rental value of the building five years ago.”

Perkins said the refurbishment of Building 5 completed the rolling improvement programme at the park.

“This has proved popular, attracting new occupiers and retaining existing occupiers, leaving only 4,133 sq ft vacant. We have also succeeded in achieving rents ahead of ERV.

“We have a number of similar refurbishment schemes and larger development projects that contribute to our substantial £10.34m pa portfolio reversion,” Perkins explained.

“On completion, these properties will contribute excellent quality business space to a market where constrained supply has continued to support rental values post Brexit.”