Real estate investment trust McKay Securities plc has bought an office building in Maidenhead for a seven-figure sum.

Real estate investment trust McKay Securities plc has bought an office building in Maidenhead for a seven-figure sum.

McKay, which specialises in the development and refurbishment of commercial buildings in Central London and the southeast, added the Switchback to its portfolio for £9 million. The deal reflects an initial yield of 8.6 per cent.

The acquired property is located on the northern side of Maidenhead town centre. It consists of six two-storey office units in three blocks totalling 37,900 sq ft, with a landscaped courtyard and car park.

The Switchback is fully let to four tenants, with leases expiring between September this year and December 2015.

McKay managing director Simon Perkins said the company plans to refurbish the property. “This will return the building to Grade A status and improve the rental values, which will benefit from the encouraging rental growth prospects of this popular Thames Valley location.”

This is the latest addition to McKay’s portfolio, which was worth more than £348 million in September 2007. The company was represented on the acquisition by real estate consultancy Vail Williams with DTZ advising the vendor.