McKay Securities has bought a distribution facility in Theale, Berkshire for £10.7m.
McKay purchased the 96,580sq ft distribution site at Arlington Business Park just off of the M4 from Patron and APAM.
The site is let until 2020 to Kuehne & Nagel with a tenant break clause in 2018. There is also planning consent for a 209,992 sq ft redevelopment of office space at the park.
Annual rent is £750,000 or £7.74 per sq ft, giving an initial yield of 6.6% increasing to 7.1% based on McKay’s estimated rental value for the property.
Haslams and Whitmarsh Holt Young acted for McKay; Tudor Toone advised Patron and APAM.
