McKay acquires Brentford site
by James Renoux-Wood Wed 23 April 2014, 5:16 pm
McKay Securities has acquired office building The Mille in Brentford from Forthright Property Investments (Brentford) for £19.3 million.
The 8979sq m office building is currently let to 17 tenants over 11 floors, and includes eight vacant suites totalling 1460sq m.
It is adjacent to the GlaxoSmithKline headquarters and opposite the University of West London. The property was refurbished extensively in 1985, and has subsequently undergone further renovation work.
Simon Perkins, managing director of McKay, said: “The building has excellent potential to benefit from the increasing rental values that have already spread beyond the West End to Hammersmith and Chiswick.
“The rent differential between these markets and Brentford is at an all-time high. We believe this gap is likely to close as more companies compete for limited space, which will drive rental growth.
“Our £87 million capital raise in February has given us the ability to secure a number of excellent acquisitions. So far we have deployed £31 million of the £87 million raised on acquisitions, and we are continuing to assess further acquisition and portfolio opportunities.”