St James’s Place Canada office on sale for £76m
The owner of the St James’s Place office in Canada has put the building up for sale for £76.1m.
McKay Securities, a real estate investment trust focused on office and industrial property in London and the south east, is looking for buyers for 30 Lombard Street, which is completely let to the wealth management firm.
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The company has hoisted the for sale sign “given the strength of overseas investment demand in the Central London office market”.
“We have recently instructed agents to explore the opportunistic disposal of 30 Lombard Street, EC3,” the company said today.
“In the event of a sale completing, we will unlock the full value created by our success with the scheme and recycle the proceeds into acquisitions and other asset management initiatives that provide us with greater future growth prospects.”
McKay Securities today reported net rental income in the six months to the end of September was up 22.8 per cent to £11.37m.
Profit before tax dipped from £11.4m last year to £11.17 this year.
“The protracted uncertainty over Brexit across our markets has held back occupier demand and resulted in lower levels of office occupier take up,” McKay Securities said.
Read more: London office vacancies drop to lowest level since 2007
“Despite this, the highly restricted supply of modern business space, especially across our South East office markets, has helped maintain rental values and is set to support future rental growth, especially with a recovery in business confidence.”
Main image credit: McKay Securities