McKay Securities, advised by Gerald Eve, has acquired a fully-let logistics asset in Bracknell for £10 million, reflecting a net initial yield of 5.6%.
Comprising two units totalling 54,157 sq ft, let to Acal BFI UK and Accident Exchange, the scheme is located at 1-4 Willoughby Road on Bracknell Industrial Estate. Nearby occupiers include Waitrose, Fujitsu and Big Yellow Group.
Felix Hartley Russell, senior surveyor at Gerald Eve, said: “In an established prime South East location, and offering the opportunity for both rental growth and longer-term redevelopment, this scheme is an excellent addition to McKay’s wider portfolio.”
This is the first deal that Gerald Eve has advised McKay Securities on, and follows a series of recent transactions undertaken by the firm’s industrial investment team. Felix Hartley Russell added: “It’s no secret that demand for logistics space – both from investors and occupiers – has held up during the COVID-19 pandemic, and this acquisition is yet another sign of the ongoing strength of the market. We hope that this deal is the first of many we undertake for McKay.”