MKM extends lease at Modal’s Hull site

The independent builders’ merchants has signed on for another 10 years at its Stoneferry Road base.

Hull-based MKM is now committed to 21 years at the 3.6-acre site, reflecting landlord Modal’s focus on securing long-term leases with its tenants.

Modal was advised by Metre Capital Advisors, while MKM represented itself.

Founded in 1995, MKM now operates from 135 branches across the UK.

Matt Sherlock, partner at Modal Property, said: “This agreement with MKM highlights the strength of demand from major occupiers for well-located industrial outdoor storage assets.

“MKM is a market leader with deep roots in Hull, and its long-term commitment to Stoneferry Road underscores the critical importance of this site to its UK-wide operations.

“For Modal, our proactive asset management has secured another long-term extension with a leading institutional-grade tenant and reflects our mission to institutionalise the IOS sector, providing enduring value for both tenants and investors”.

Nicola Ollett, MKM marketing director, said: “Extending the lease reinforces our long-term commitment to Hull and secures the future of a location that continues to drive real commercial value.”

Modal currently owns more than 30 IOS sites across the UK and is targeting 30 more by 2026.