Shoosmiths advises Workspace on inaugural McKay portfolio sale

Shoosmiths acts on the first deal by McKay since its recommended takeover by Workspace Group Plc in May 2022.

Shoosmiths advised McKay Securities Limited (McKay) on the sale of a medical centre in Newbury for £7.25m.

This is the first deal by McKay since its recommended takeover by Workspace Group Plc in May 2022 and sees the London-based provider of flexible offices sell the first non-core asset from its McKay portfolio.

Shoosmiths advised on all aspects of the deal, including real estate, construction and tax, with McKay/Workspace selling the centre to Primary Health Properties – at an uplift of £1.15m when compared to a March 2022 valuation.

Leading the deal team at Shoosmiths was real estate principal associate Liz McKillop Paley and legal director James Benedick, with support from construction partner Andrew Outram.

Commenting on the deal, Richard Swayne, investment director at Workspace, said:

“We are pleased to have completed on this first sale from the identified non-core assets in the McKay portfolio. It is great to continue working with the team at Shoosmiths given their knowledge and experience of the McKay portfolio to ensure an efficient and successful execution of the transaction.”

Liz McKillop Paley, real estate principal associate at Shoosmiths, added:

“Shoosmiths has a strong and long-standing relationship with McKay, helping them deliver strategic and sustainable real estate projects since 2007. We’re excited to be continuing this partnership and now also supporting Workspace with its strategic plan on the portfolio we have intimate knowledge of.

“This latest deal, and the first for Workspace from its legacy McKay portfolio, shows the expertise of Shoosmiths’ real estate division, but also the commerciality our team can bring to the table.”