StockMarketWire.com - Office and industrial property investor McKay Securities said it had agreed a lease renewal with warranty provider Domestic & General for office space at Swan Court in Wimbledon.

D&G had been based at Swan Court since McKay developed the five-storey building in 2006, having originally leased the entire office accommodation on a 15-year term expiring in February 2021.

The renewal was for 37,400 square feet, or 70% of the office space.

McKay said D&G was committing to a new 10-year lease term over the second-to-fifth floors at a contracted rent of £1.76 million per annum.

D&G would hand back the ground and first floors, which they had part sub-let and not occupied for a number of years.

McKay said it would refurbish and improve the common parts of the building, refreshing the reception area and creating new tenant amenities, with the provision of bike storage and shower facilities

It also would refurbish the ground and first floors.

'The lease regear provides a strong endorsement of the quality and location of this asset, and we are pleased to be able to build on our long-term relationship with Domestic & General,' chief executive Simon Perkins said.

'The improvement works will provide contemporary office accommodation and enhance our letting prospects for the two vacant floors in an undersupplied market.'




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