30/32 Lombard St prospects improve

The prospects for McKay Securities’ redevelopment of 30/32 Lombard Street, in the City of London, continue to improve, the company reported at its interim results. The existing 30,000 sq ft building will be replaced with a 60,000 sq ft office headquarters in the heart of the City.

David Thomas, chairman, said: “We continue to appraise earnings-enhancing acquisition opportunities with the potential for capital gain through active management, refurbishment or development.” However, he said no acquisitions were made during the period because the company considered that the risks associated with the uncertain occupier market were not sufficiently reflected in market values.

McKay reported pretax losses of £12.1m compared with a profit last time of £1.85m. Adjusted profit before tax came in at £2.52m down from £4.12m for the same period the previous year.