The Company started in the residential sector by building and letting out houses and flats, initially in Somerset, Essex and Kent, but thereafter in London. During the early 1950s, the Company developed a number of housing schemes including the Hanger Hill Estate in partnership with Phoenix Assurance.
Since going public in 1959, the emphasis of the Company's business has changed with a focus on commercial projects. Following shareholder approval to amendments to the Company's Articles of Association on the 28 February 2007, the Company elected to become a Real Estate Investment Trust (REIT) with effect from 1 April 2007.
In February 2014, a Capital Raising was successfully completed to provide additional financial resources to take advantage of the Company's position as the only REIT entirely focussed on business space within the improving markets of the South East and London. The Company raised £86.7m which doubled the stock market value of McKay at that time.