National law firm Shoosmiths has advised McKay Securities PLC on its freehold acquisition of Columbia House, Farnborough.
The property was acquired from Standard Life Investments for £2.9m, representing an initial yield of 11.1%
Shoosmiths' real estate specialist Alan Corcoran led the team, assisted by associate Simon Shoefield (real estate) and solicitor Marcus Woody (planning).
Columbia House is a modern distribution warehouse with ancillary offices totaling 40,460 sq ft. It was built in 2000 to a high specification, with a self contained yard and an internal eaves height of 9 metres. The property is let to Just Data Systems Ltd who remain in occupation on a 15 year FRI lease expiring in May 2015, at a rent of £340,000 pa (£8.40 psf).
This is the second multi-million pound transaction the Shoosmiths team has advised on for McKay in a matter of months, having acted on its £2.3m acquisition of the 1.2 acre London Road site at Redhill, in Surrey from Hodnet Properties in June this year.
Alan Corcoran said: "We're delighted to have been given yet another opportunity to work with McKay on a key transaction.
"Although we had a fairly short time frame in which to work, we were able to draw on our legal expertise and commercial know-how to deliver another successful result to our client - we thoroughly enjoyed the challenge."
Simon Perkins managing director of McKay said of the Shoosmiths team: "Alan and the team were instrumental to the success of this transaction. The team has a reputation for providing the best real estate legal advice and they didn't disappoint.
"They worked incredibly hard, going above and beyond to help deliver this great result - we're delighted."
McKay is a commercial property investment company with Real Estate Investment Trust (REIT) status specialising in the development and refurbishment of quality buildings within established and proven markets of South East England and central London.
Shoosmiths' Real Estate Group is one of the largest in the UK. Spread across seven offices and comprising 35 partners and 230 staff in total, it is made up real estate, construction, planning, property litigation, and environmental specialists. Clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporate occupiers, banks and other funders and a range of public sector bodies.