Growing Gateshead property company MCM Group has sealed a deal in Yorkshire, signalling its expansion ambitions outside its Tyneside base.
The property investment and development firm has completed a 10-year lease that will see a tools, equipment and plant hire services company create a new distribution hub in Leeds. Speedy Hire, which operates across the UK’s construction, infrastructure and trade markets, is moving into its new base on the Cross Green Industrial Estate following the letting.
The refurbished unit has 28,537 sqft of warehouse, office and ancillary space, and a mezzanine, and is close to the city centre on Felnex Road. MCM Group invested around £1m in the empty property after snapping it up in 2021, to bring the unit up to its full potential. Speedy Hire, which was represented by Dunlop Heywood in the negotiation, will benefit from a new roof, re-clad elevations, 6.3m eaves height, 30 parking spaces including three charging points for electric vehicles and a secure yard and offices.
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The 1.68-acre site, marketed by Carter Towler and Knight Frank as joint agents on behalf of MCM, has tenants including Symingtons, BCA, Amazon, John Lewis, Beer Hawk, Network Rail, AO.com and DHL. The deal marks the latest letting by MCM, which was founded in 2016 by Hadrian Healthcare entrepreneur and philanthropist Ian Watson.
Mr Watson sold a number of care homes four years ago in a record-breaking £100m deal – a record for the sector – and cash from the sale has been used to drive forward MCM Group. In its first 18 months it acquired property worth around £20m across a range of sectors including retail, hospitality, industrial and offices, with tenants including Network Rail and Caffe Nero.
The company is also driving the transformation of the former Cafe Royale restaurant into offices and its Greenway Homes housing division is creating new homes in Gateshead.
Douglas Cranston, investment director at MCM Group, said: “We pride ourselves on the care and imagination with which we’re developing our portfolio to add value and deliver quality results and are actively seeking new strategic UK acquisition opportunities for market-leading properties across a broad range of sectors.”
Josh Holmes, industrial agent at Carter Towler, added: “This investment by MCM Group is emblematic of extensive new industrial development in the Cross Green area over the past five years, that now sees it recognised as one of the premier distribution locations in the north of England.
“I have no doubt this quality project will continue to yield value to both Speedy Hire and MCM Group throughout the next decade, and it’s been a privilege to see the deal through to its close.”
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