McKay Securities plc (McKay) has completed the conversion and leasing of Strawberry Hill House, Newbury, as a large modern doctor’s surgery. The conversion entailed turning 12,040 sq ft of redundant office space in the town centre into a modern 15,200 sq ft medical centre.
McKay has secured a pre-let to two local GP practices, on a new 25-year lease, with no breaks. The two practices have now merged and have taken complete occupation of the building.
The project has been delivered on programme and the rent achieved is double the previous office rental. The building has been renamed Strawberry Hill Medical Centre and the new practice will have around 20,000 automatically-transferred patients on its books.
The conversion scheme is one of a number of property-development and refurbishment projects funded by the proceeds of McKay’s capital raising in January 2014.
Simon Perkins, managing director of McKay, commented: “The completion of this project shows the benefits of our asset-management strategy. Our three large development schemes in Reading, Redhill and the City of London also continue to make good progress.”