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Shoosmiths completes £76.5m London building disposal for McKay Securities

Long standing Shoosmiths client McKay Securities Plc (McKay) has completed the sale of its long leasehold interest in 30-32 Lombard Street, a prime office building located in the heart of the City of London.

Mckay, a UK REIT specialising entirely on industrial and logistics markets in the London and South East office, was assisted by Shoosmiths in the sale to Derief London Lombard Street S.À.R.L. The building’s redevelopment was completed in early 2019.

The 11-floor BREEAM Excellent building is currently let to FTSE 100 wealth manager, St James’s Place Wealth Management Group Limited on a 15-year lease until 2034 (without breaks) securing a net rent of £3.40 million per annum (£65 per sq ft).

The Shoosmiths legal team was led by real estate partner Alan Corcoran, based in Thames Valley, assisted by Liz McKillop Paley (real estate), Andrew Outram (construction), as well as Anna Cartledge and Matt Price (planning).

Alan said: “The team at McKay has overseen a spectacular redevelopment of this prime city location. We are really pleased to have worked with them again on the successful sale of another property.”

Disclaimer

This information is for educational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given.

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