Mckay Securities Share Discussion Threads

[essentialinvestor] 09/2/2022 19:52

Well spotted folks.

[strathroyal] 09/2/2022 19:50

Iain Mckay is ex chairman, would be nice to think that something could be afoot.

[nickrl] 09/2/2022 17:45

RNS today shows a Sutherland Securities as above 3% - two of its directors have the surname McKay. Interesting.

[hindsight] 02/2/2022 14:35

Agree skyship not all the same, and this was a good area. But was only built in 2000 so imagine had less book depreciation than some

[essentialinvestor] 02/2/2022 12:09

Shopping in Byfleet Waitrose yesterday evening and opposite their carpark used
to be a parade of shops built circa 1970's, which have now been demolished
to make way for a new resi development of flats - the landlord hit the
jackpot on that as many of those smaller retail units were no longer in demand.

LA's under big pressure to replenish and add to housing stock, as SKY mentions
not all sites are viable obvs.

[skyship] 02/2/2022 11:38

Problem is that we won't hear of the next valuation (Mar'22) until the Finals in May!

[nickrl] 02/2/2022 11:25

Always come back to this one every so often and never convinced partly because the divi is low and partly because the mgt get so much extra for not doing a lot. Anyhow this was on there disposal list and clearly a good sale price but 10% of current NRI forgone unless they've managed to fill voids. Do have c27% in industrials ought to give an offset to the office portfolio at next valuation.

[skyship] 02/2/2022 09:25

Well in this case it would seem worth 21% more :)

Obviously there can really be no answer to your question as each and every site would be valued on its merits. Many regional offices of course not wholly applicable to residential conversion - apartments on a business park not an obvious attraction.

Town centre properties would work, as per this one and PCA's mixed use development of Hudson Quarter in York.

[cwa1] 02/2/2022 07:46

2 February 2022

McKAY AGREES GBP19M DISPOSAL OF READING FREEHOLD FOR RESIDENTIAL CONVERSION

McKay Securities Plc (McKay), the only UK REIT specialising entirely in the South East and London office, industrial and logistics markets, announces that it has exchanged contracts to sell the freehold interest of Great Brighams Mead, a prominent office building located in Reading's town centre, to residential property developer King's Oak. The sale price of GBP19.00 million (GBP224 psf) reflects a premium of 21.0% to the 30 September 2021 book value. Completion of the sale is conditional on delivering vacant possession and is anticipated in April 2022.

[skyship] 17/1/2022 10:35

Likely to get a rent collection update this week.

[skyship] 17/11/2021 14:12

Strath - "Is Picton big enough" - see my Post No.1166 on the CP+ thread:

[strathroyal] 16/11/2021 17:52

nickrl - Totally agree with your comments on the reversionary potential, this appears to be written into every report. Additionally the retention level at 73.9% for this half year doesn't look particularly impressive and I can't agree that this is a high tenant retention level, I've never seen it compared to their peers.

On the positive side, the underlying assets look to be good quality which makes it even more surprising that someone hasn't made a move. Is Picton big enough?

[hindsight] 16/11/2021 12:01

Thanks for round up nickrl. I hold a few, mainly in hope for much needed corporate action, but thats a big IF. Hopefully Picton get the ball rolling.

[1pvh] 16/11/2021 10:27

Sell everything and return the money to the owners of the company us the shareholders.

[nickrl] 16/11/2021 10:17

HY results out NTA up 4.2% to 322p driven by the industrials holdings which were up 12.7% and are 30% of portfolio now. Offices down 1%. Rental collection remains good and interim divi up 3.6% but overall rental income down nearly 10% following the sale of Lombard St which was lost 1.35m in rent.

Share buyback continues to the 10m cap not that its helped the share price so far.

As usual with MCKS they talk up the reversionary potential of the portfolio if only they could fill the voids! Anyhow there tactic now is spend money doing refurbs and see if that entices tenants to take up space.

Divi is covered at operating cash level and is getting close to 4% on current SP

Always feel this one is ripe for a takeout and i need to put aside my reservations over the management incentive plan that continues to push up admin costs.

[essentialinvestor] 10/11/2021 21:19

It's about a year since I looked at this, that's the one.


Lived in Weybridge for nearly 40 years and been to Woking about 5 times,
which is four more than Andrew, apparently ).

[strathroyal] 10/11/2021 20:56

Isn't this The Planets?

Description

Excellent town centre development opportunity located within the heart of Woking
Majority of a key island site, extending to approximately 0.29 hectares (0.71 acres)
350 metres from Woking Station (24 mins to London Waterloo)
Existing property comprises a 2-5 storey 1960’s commercial building of approximately 60,610 sq ft
Site identified by the Council for regeneration and indicative proposals have been prepared for between 200-250 residential units
Previous application received a recommendation to grant planning permission for a building of up to 39 storeys comprising 310 dwellings plus commercial, and was turned down
Freehold interest for sale
Offers in excess of £9,000,000 are invited equating to £148 psf capital value

Subject to contract

[essentialinvestor] 10/11/2021 20:49

The new high rise tower resi development?.

[strathroyal] 10/11/2021 20:48

EI, if you're referring to The Planets, I think that's on Allsop's website.

[essentialinvestor] 10/11/2021 20:39

Well it's about 2 miles from me and HQ of GSK consumer healthcare,
subject to planning permission. Building due to begin next year.


Think MCKS are still waiting on the Woking planning decision - revised application.

[strathroyal] 10/11/2021 20:35

Looking back at the last trading update, and ahead of next week's interims, I noticed this paragraph which I don't think anybody has commented on:

Positive progress with feasibility studies and potential scheme design at Sopwith Drive, Weybridge (logistics: 63,140 sq ft) and Great Brighams Mead, Reading (office: 84,840 sq ft) informing asset strategy regarding possible refurbishment, redevelopment or sale options.

Whilst I haven't found anything much on Sopwith (although I can't see that the property is being advertised) I did find the following article on Great Brighams Mead:

hxxps://ukpropertyforums.com/radical-new-vision-for-great-brighams-mead/

[cwa1] 10/11/2021 17:05

The announcement of additional information for today's announcement:-

11. Additional Information

BMO Asset Management Limited is wholly owned by BMO AM Holdings Limited, which is wholly owned by BMO AM Group (Management) Limited, which is wholly owned by BMO AM Group (Holdings) Limited, which is wholly owned by BMO Asset Management (Holdings) Plc, which is wholly owned by BMO Global Asset Management (Europe) Limited, which is wholly owned by Columbia Threadneedle Investments UK International Limited, which is wholly owned by Ameriprise Financial, Inc.

Thames River Capital LLP is wholly owned by BMO AM Capital (UK) Limited, which is wholly owned by BMO AM Capital (Holdings) Limited, which is wholly owned by BMO AM Capital (Group) Limited, which is wholly owned by BMO Asset Management (Holdings) Plc, which is wholly owned by BMO Global Asset Management (Europe) Limited, which is wholly owned by Columbia Threadneedle Investments UK International Limited, which is wholly owned by Ameriprise Financial, Inc

Excellent. A nice, simple ownership chain ;-)

[cwa1] 08/11/2021 17:08

Ah, much obliged nickrl

[nickrl] 08/11/2021 17:00

CWA1 it looks like housekeeping

"This disclosure is the result of Ameriprise Financial acquisition of BMO's EMEA Asset Management business effective 8th November 2021"

[cwa1] 08/11/2021 15:47

Bank of Montreal go from almost 10% to zero holding. Wonder where they went?