McKay Securities, South East and London office and industrial markets REIT, has commenced work on a speculative office development in Redhill.

Prospero, Mackay Securities

The new building, on London Road, will be called Prospero. When finished, the development will comprise of 48,050 sq ft of office space laid out over a ground floor and three upper floors, with 87 car parking spaces at ground and basement level.

It is the only new office scheme under construction in Redhill, and will offer occupiers, large modern floor plates in a town centre location, close to the railway station. The environmentally friendly design of the scheme is targeting BREEAM Excellent and an EPC rating of B, contributing to lower occupational costs.

McKay acquired the site off-market in 2013, and in conjunction with Lamron Estates. The project is scheduled for completion in the summer of 2016.

The scheme was identified by McKay for early implementation when it completed its £86.7 million fund raising in February 2014.

McKay’s shares were down 2.74% at 232p in early trading.