McKay Securities has announced the letting of its new speculatively-built 134,430 sq ft warehouse at Theale.
The unnamed occupier is a logistics operator and has taken the entire scheme, known as 135 Theale Logistics Park, on a 10-year full repairing and insuring (FRI) lease.
The scheme reached practical completion in April 2020 and, due to lockdown, McKay had to rely upon digital marketing such as virtual tours to secure the new tenant.
Simon Perkins, chief executive of McKay, said: “Our ability to secure a high-quality tenant for this speculative development, particularly during a period when the UK property market was struggling with Covid-19, provides a strong endorsement of the scheme and our occupier-focused approach.
“Our decision to undertake this project was driven by the ongoing low levels of supply of quality mid-size distribution space in the Thames Valley coupled with the continued growth of e-commerce which has accelerated in recent months.
“This letting underpins McKay’s continued strategic focus on the office, industrial and logistics markets of the south east and London, and once again demonstrates our ability to add value from development projects.
“Securing an occupier for this top-quality scheme continues the conversion of our substantial portfolio reversion into income, with plenty more to capture for the benefit of shareholders.”
Savills and Haslams acted for McKay.
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