McKay Securities has bought South East office complex Station Plaza from M&G Real Estate for £8.5m – a 10.1% yield.
Located in Theale, near Reading, the purchase comprises three properties totalling 41,646 sq ft.
The buildings are let to Nocitra on three separate leases expiring on 7 July 2019.
Rent equates to £21.71 per sq ft.
Simon Perkins, managing director of McKay, said: “These modern office buildings are let at rents significantly below central Reading and we anticipate future increases as rental gains in Reading town centre ripple out.”
Hicks Baker acted for McKay Securities; JLL advised M&G Real Estate.
joanna.bourke@estatesgazette.com
