Le mie ricette per la real estate communityMcKay Securities Plc the only UK REIT specialising entirely in the South East and London office, industrial and logistics markets, announces the acquisition of Evergreen Studios, a fully refurbished office asset in central Richmond, for £14.75 million, representing a net initial yield of 5.8% The property was sourced off-market from Sheen Lane Developments, which has taken a two-year leaseback of the property.
Totalling 17,325 sq ft, Evergreen Studios offers Grade-A open plan office space spread across five floors ranging from 3,300 to 3,600 sq ft. The entire building has been refurbished to a high standard, incorporating wellness focused amenities to meet post-covid workplace trends, including high-quality air conditioning, access to outside space via rooftop terraces, private kitchens, car and cycle parking and shower facilities. In line with McKay’s ESG strategy, the building also includes a range of energy saving measures, including LED lighting and double glazing, and has an EPC rating of B.
On completion of the sale, Sheen Lane Developments has entered into a two-year lease of the whole building, at a rent payable from commencement of £0.92m p.a (£53.00psf). A marketing campaign to sub-let on a floor-by-floor basis is underway, with the ground floor already let, and encouraging interest for the remaining four floors.
Located on the edge of Richmond Green, Evergreen Studios is well positioned to benefit from the current undersupply of quality space within Richmond’s established office market and post covid demand for high quality, environmentally friendly office space, offering excellent value for money in an attractive and proven south west London suburb. The building is two minutes’ walk from Richmond railway station and offers easy access to Central London, Gatwick and Heathrow airports via train and tube. It also sits just a short walk from Richmond’s main shopping area, with its plentiful retail and leisure offerings.
Source : McKay Securities
