National law firm Shoosmiths has advised Real Estate Investment Trust ('REIT'), McKay Securities PLC on two key multi-million pound deals at its Farnborough and Redhill sites.
Shoosmiths acted for McKay on the disposal of the freehold of its remaining interest at Pinehurst Park, a 50,200 sq ft office building, to Pinehurst Investments for £5.88m. McKay purchased Pinehurst Park in 2012 for £3.5m.
Shoosmiths also advised McKay on securing the first tenant for its recently completed Prospero office development in Redhill, Surrey. Morrisons Solicitors LLP has committed to a 10-year lease taking the entire third floor, totalling 10,643 sq ft, at an annual rental of £330,000.
McKay's Prospero development sits on a 1.2 acre site and was completed in November 2016 in conjunction with its development partner Lamron Estates Ltd. The four-storey grade A building benefits from excellent road and rail links to London and offers high specification flexible office space that meets modern business needs.
The Shoosmiths team that advised on both deals was led by real estate partner Alan Corcoran and assisted by senior associate Marcus Devanny. Planning partner Kirsten Hewson provided planning advice in relation to the Pinehurst disposal.
Tom Elliott, Property Director of McKay, commented: 'We are extremely pleased with the service Shoosmiths has provided on both of these deals. Their consistency and clarity in the legal advice given has ensured we were able to complete these deals efficiently, and to the benefit of all parties involved.'
Alan Corcoran added: 'We are pleased to have advised long standing client McKay on both deals and look forward to working with them on future projects.'
Shoosmiths' real estate group is one of the largest in the UK, made up of teams advising on real estate, construction, planning, property litigation and environmental issues.
Shoosmiths' clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporates occupiers, banks and other funders and a range of public sector bodies.