Letting will create a distribution hub for equipment hire business

The latest deal by a growing property investment and development firm has signalled its expansion across the north.

Tyneside-based MCM Group 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 to new premises on the Cross Green Industrial Estate following the letting.

The deal is the latest letting by MCM which was founded in 2016 by healthcare entrepreneur Ian Watson OBE.

The recently refurbished unit totalling 28,537 sq ft incorporates a warehouse, office and ancillary space, and a structural mezzanine, and is a mile-and-a-half from the city centre.

MCM Group has invested around £1m in the vacant property after an initial purchase in 2021. Speedy Hire was represented by Dunlop Heywood in the negotiation.

The 1.68-acre site was marketed by Carter Towler and Knight Frank as joint agents on behalf of MCM.

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, who brokered the letting for MCM, 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.”